Multiple Choice
A merchant issues a promissory note.The note has a term of 90 days and a maturity value of $6122.30.The note is sold after 30 days to a bank that discounts the note at d = 10% simple discount.How much does the bank pay for the note?
A) $6016.63
B) $6018.42
C) $6021.66
D) $6023.29
Correct Answer:
Verified
Correct Answer:
Verified
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