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Question
The accounting department of Delta Sales Company receives an instrument that states, "March 16, 200 Thirty days after date, I promise to pay to the order of cash, $700 (seven hundred and 00/100 dollars), in Denver, Colorado, with interest at the rate of 7% (seven percent) per year. This instrument is secured by a contract for the sale of a computer. Due April 15, 200 [Signed] Edward Jones." What type of instrument is this? Is it negotiable? If not, why not?Answer
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