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

question 17

Multiple Choice

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

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