Multiple Choice
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Jan 2
Face value: $9,000
Length of loan: 120 days
Rate: 11%
Date of discount: Mar 2
A) 60 days, $9,158.95
B) 61 days, $8,762.86
C) 61 days, $9,092.86
D) 61 days, $8,828.95
Correct Answer:
Verified
Correct Answer:
Verified
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