Multiple Choice
Innovative Engineering received a promissory note of $15,500 at 11% simple interest for 15 months from one of its customers. After 3 months, Union Bank discounted the note at a discount rate of 13%. Calculate the proceeds that Innovative Engineering will receive from the discounted note. (Round to the nearest cent)
A) $18,855.17
B) $16,495.62
C) $15,339.19
D) $12,456.22
Correct Answer:
Verified
Correct Answer:
Verified
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