The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Oct 13
Face value: $21,800
Length of loan: 100 days
Rate: 10%
Date of discount: Jan 4
A)17 days, $22,246.85
B)18 days, $21,687.97
C)18 days, $22,293.53
D)17 days, $21,641.29

Question

Quizplus · Accepted Answer

The correct answer is A because the discount period is 17 days and the proceeds are $22,246.85.

The Simple Interest Note Was Discounted at 15