Multiple Choice
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Jan 7
Face value: $2,600
Length of loan: 120 days
Rate: 12%
Date of discount: Mar 7
A) 61 days, $2,545.92
B) 61 days, $2,531.27
C) 61 days, $2,635.27
D) 60 days, $2,649.92
Correct Answer:
Verified
Correct Answer:
Verified
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