J Ryan Discounts an 80-Day Note for $15,000 at 12

question 94

Multiple Choice

J. Ryan discounts an 80-day note for $15,000 at 12%. The bank discount is (assume ordinary interest) :

• A)$14,600
• B)$15,400
• C)$400
• D)$15,000
• E)None of these

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Definitions:

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Agency Relationship

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