Toby Signed a Simple Discount Promissory Note for $20,000

question 143

Multiple Choice

Toby signed a simple discount promissory note for $20,000. The discount rate is 8.5%, and the term of the note is 90 days. What are Todd's proceeds on the loan?

• A) $19,200
• B) $16,000
• C) $19,600
• D) $19,575

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