The bank discounts an $8,750 simple discount note at 6% for 60 days. What is the discount amount?
A) $8.75
B) $78.50
C) $86.30
D) $87.50
E) None of these
Correct Answer:
Verified
Q40: The effective rate of a $30,000 non-interest-bearing
Q41: Jill Corporation accepted a $16,000 note on
Q42: On June 30, Rose Company accepted a
Q43: On March 12, Bill Jones accepted a
Q44: Ray Furniture wants to buy a dining
Q46: The maturity value of a $28,000, 6%,
Q47: Match the following terms with their definitions.
-Proceeds
A)Number
Q48: Ralph Corporation accepted a $15,000, 11%, 120-day
Q49: Match the following terms with their definitions.
-Maturity
Q50: Jill Jones borrowed $18,000 for 180 days
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents