Solve the Problem. -The Gibralter Company Loaned $7,843 for 60 Days to the Days

Multiple Choice

Solve the problem.
-The Gibralter Company loaned $7,843 for 60 days to the Hazen Company for the purchase of business supplies. The Gibralter Company sold the 7% simple interest note 44 days later at an 9%
Discount rate. Find the discount period and the discount.

A) Discount period: 16 days
Discount: $31.74
B) Discount period: 16 days
Discount: $31.30
C) Discount period: 104 days
Discount: $206.30
D) Discount period: 16 days
Discount: $31.01