Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay:
A) $45,450
B) $42,300
C) $45,000
D) $44,550

Question

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The Answer of Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, assuming a 360-day year, the borrower will pay:
A) $45,450
B) $42,300
C) $45,000
D) $44,550

Mobile Co Issued a $45,000, 60-Day, Discounted Note to Guarantee Bank