A $7,000, 4%, 120-Day Note Dated March 20, Is Discounted

question 30

Multiple Choice

A $7,000, 4%, 120-day note dated March 20, is discounted on July 15. Assuming a 3% discount rate, the bank discount is:

• A)$1.74
• B)$1.77
• C)$7.11
• D)$17.68
• E)None of these

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