On September 1, 2010, Elite Company received an $80, 000, 12%, 120-day note from a credit customer wishing to extend its repayment period.On October 1, 2010, thirty days after the note was received, Elite discounted the note at the bank at 14%.How much cash did Elite Company receive from the bank?
A) $80, 800
B) $80, 749
C) $80, 288
D) $79, 317
Correct Answer:
Verified
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