Solved

The Simple Interest Note Was Discounted at 15

Question 92

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Oct 13
Face value: $21,800
Length of loan: 100 days
Rate: 10%
Date of discount: Jan 4


A) 17 days, $22,246.85
B) 18 days, $21,687.97
C) 18 days, $22,293.53
D) 17 days, $21,641.29

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions