Ralph Corporation Accepted a $15,000, 11%, 120-Day Note Dated August

Multiple Choice

Ralph Corporation accepted a $15,000, 11%, 120-day note dated August 19 from Jay Company in settlement of a past bill. On October 20, Ralph Corporation decided to discount the note at a discount rate of 12%. The proceeds to Ralph Corporation is:

A) $1,517.97
B) $1,517.79
C) $15,249.73
D) $15,249.37
E) None of these