Assume a U.S. importer signs a 90-day promissory note with his bank for the face value of the banker’s…

Assume a U.S. importer signs a 90-day promissory note with his bank for the face value of the banker’s…

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Assume a U.S. importer signs a 90-day promissory note with his bank for the face value of the banker’s acceptance, due
on the maturity date of the banker’s acceptance. The face amount of the promissory note is $1,000,000 and the
importer’s bank charges an acceptance commission of 2%. What is the amount that the exporter will receive on the
maturity day of the bank acceptance?
O $995,000
O $20,000
O $980.000
O $5,000

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Face value 1 000 000 Bank
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