MrA Lends $20,000 to Mr

Multiple Choice

Mr.A lends $20,000 to Mr.B on May 6,2010.A promissory note is written by Mr.B at a simple interest rate of 9%,with a due date of October 6,2010.The maturity value of the note is $20,769.32.The note was sold by Mr.A on June 26,2010 to Mr.C who discounts the note at a simple discount rate of 8%.What price does Mr.A receive for the note?

A) $20,291.34
B) $20,302.09
C) $20,305.00
D) $20,315.15