Ralph Corporation accepted a $15,000, 11%, 120-day note dated August 19 from Jay Company in settlement of a past bill. On October 20, Ralph Corporation decided to discount the note at a discount rate of 12%. The proceeds to Ralph Corporation is:
A)$1,517.97
B)$1,517.79
C)$15,249.73
D)$15,249.37
E)None of these

Question

Quizplus · Accepted Answer

The Answer of Ralph Corporation accepted a $15,000, 11%, 120-day note dated August 19 from Jay Company in settlement of a past bill. On October 20, Ralph Corporation decided to discount the note at a discount rate of 12%. The proceeds to Ralph Corporation is:
A)$1,517.97
B)$1,517.79
C)$15,249.73
D)$15,249.37
E)None of these

Ralph Corporation Accepted a $15,000, 11%, 120-Day Note Dated August