Multiple Choice
Maxwell Gardens requires a $100,000 annual loan in order to pay laborers to tend and harvest its organic vegetable crop.Maxwell borrows on a discount interest basis at a nominal annual rate of 11 percent.If Maxwell must actually receive $100,000 net proceeds to finance its crop, then what must be the face value of the note?
A) $111,000
B) $100,000
C) $112,360
D) $89,000
E) $108,840
Correct Answer:
Verified
Correct Answer:
Verified
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