A $7,000, 4%, 120-day note dated March 20, is discounted on July 15. Assuming a 3% discount rate, the bank discount is:
A)$1.74
B)$1.77
C)$7.11
D)$17.68
E)None of these

Question

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The Answer of A $7,000, 4%, 120-day note dated March 20, is discounted on July 15. Assuming a 3% discount rate, the bank discount is:
A)$1.74
B)$1.77
C)$7.11
D)$17.68
E)None of these

A $7,000, 4%, 120-Day Note Dated March 20, Is Discounted