On August 1,2010,Ace Corporation Accepted a Note Receivable in Place

Multiple Choice

On August 1,2010,Ace Corporation accepted a note receivable in place of an outstanding accounts receivable in the amount of $123,965.The note is due in 90 days and has an interest rate of 8%.What would be the total amount collected at the maturity date?

A) $123,965.00
B) $2,479.30
C) $126,444.30
D) $121,485.70
E) $133,882.20