The Simple Interest Note Was Discounted at 15

question 92

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Oct 13
Face value: $21,800
Length of loan: 100 days
Rate: 10%
Date of discount: Jan 4

• A)17 days, $22,246.85
• B)18 days, $21,687.97
• C)18 days, $22,293.53
• D)17 days, $21,641.29