Decorative Floors received a $1,200 promissory note at 10.5% simple interest for 4 months from one of its customers. After 1 month, the note was discounted at the Riverview Bank at a discount rate of 14%. What are the proceeds Decorative Floors will receive from the discounted note? Use ordinary interest.

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The Answer of Decorative Floors received a $1,200 promissory note at 10.5% simple interest for 4 months from one of its customers. After 1 month, the note was discounted at the Riverview Bank at a discount rate of 14%. What are the proceeds Decorative Floors will receive from the discounted note? Use ordinary interest.

Decorative Floors Received a $1,200 Promissory Note at 10