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A baker borrows $10000 from a bank to purchase a franchise bakery. The loan is at 7.25% payable at the end of the year. Six months into the year - the baker decides to purchase a new high-efficiency oven and gets a simple 12% discount note from the bank against the loan (the full value of the discount note should pay for the loan balance at the end of the year). How much cash does the baker get for the discount note?

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A baker borrows $10000 from a bank to purchase a franchise bakery. The loan is at 7.25% payable at the end of the year. Six months into the year - the baker decides to purchase a new high-efficiency oven and gets a simple 12% discount note from the bank against the loan (the full value of the discount note should pay for the loan balance at the end of the year). How much cash does the baker get for the discount note?






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