If a bank discounts a note,then the borrower needs to only pay the cash received and not the face value of the note.

Name: If a bank discounts a note,then the borrower needs to only pay the cash received and not the face value of the note.
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When a bank discounts a note, the borrower is still obligated to pay the full face value of the note at maturity, but receives less than the face value upfront due to the interest or discount deducted by the bank.

If a Bank Discounts a Note,then the Borrower Needs to Only