On July 8,2014,Josephine Lends Joni $10,000

Multiple Choice

On July 8,2014,Josephine lends Joni $10,000.Joni gives Josephine a 90-day non-interest bearing promissory note with face amount $10,000.On August 12,2014,Josephine sells the note to a finance company that uses a simple interest rate r = 5%.What are the proceeds received by Josephine?

A) $9,925.22
B) $9,921.17
C) $10,043.49
D) $10,047.95