A $15,000, 11%, 120-day note dated Sept. 3, is discounted on Nov. 11. Assuming a bank discount rate of 9%, the proceeds would be:
A)$15,550.00
B)$15,351.74
C)$15,531.74
D)$15,135.47
E)None of these

Question

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The Answer of A $15,000, 11%, 120-day note dated Sept. 3, is discounted on Nov. 11. Assuming a bank discount rate of 9%, the proceeds would be:
A)$15,550.00
B)$15,351.74
C)$15,531.74
D)$15,135.47
E)None of these

A $15,000, 11%, 120-Day Note Dated Sept