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The Simple Interest Note Was Discounted at 15

Question 13

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Apr 18
Face value: $400
Length of loan: 150 days
Rate: 11%
Date of discount: June 18


A) 90 days, $406.83
B) 89 days, $384.49
C) 89 days, $402.82
D) 90 days, $388.50

Correct Answer:

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