First, Find the Initial Proceeds of the Simple Discount Note

question 98

Multiple Choice

First, find the initial proceeds of the simple discount note. Then, find the discount period, the discount, and proceeds after discounting.
-Date Loan Was Made: Jan. 19
Maturity Value: $20,000
Length of Loan: 60 days
Rate: 10%
Date of Discount: Mar. 7
Discount %: 10%

• A)Initial Proceeds: $19,666.67;
• Discount Period: 13 days;
• Discount: $355.56;
• Proceeds After Discount: $39,927.78
• B)Initial Proceeds: $39,666.67;
• Discount Period: 15 days;
• Discount: $344.44;
• Proceeds After Discount $39,927.78
• C)Initial Proceeds: $19,666.67;
• Discount Period: 13 days;
• Discount: $72.22;
• Proceeds After Discount: $19,927.78
• D)Initial Proceeds: $59,666.67;
• Discount Period: 15 days;
• Discount: $411.11;
• Proceeds After Discount: $59,927.78

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