On March 12, Bill Jones Accepted a $12,000 Note in Granting

Multiple Choice

On March 12, Bill Jones accepted a $12,000 note in granting a time extension of a bill for goods purchased by Ron Prentice. Terms of the note were 13% for 90 days. On April 24, Bill could no longer wait for the money and discounted the note at Able Bank at a discount rate of 14%. The proceeds to Bill are:

A) $12,047.90
B) $12,163.54
C) $12,390.00
D) $12,048.90
E) None of these