Solve the Problem $\$ 15,000$ To Mary the Loan Is Payable in 1 Year At the Loan

Multiple Choice

Solve the problem.
-Ted owes $\$ 15,000$ to Mary. The loan is payable in 1 year at $10 \%$ . Mary needs cash, so 10 months before the loan is payable she goes to her bank which will pay her the maturity value of the note less a $11 \%$ discount fee. Find the amount Mary will receive.

A) $\$ 13,475.00$
B) $\$ 1512.50$
C) $\$ 14,987.50$
D) $\$ 14,836.25$