Question

Schell Publishing received a $70,000 promissory note at 12% ordinary interest for 60 days from
one of its customers. After 20 days, Schell discounted the note at the bank at a discount rate of 14.5%.
The note was made on March 21.
What amount of interest did the customer pay?What amount of interest did Schell make?What amount of interest did the bank make?

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