Solve the Problem. -A Holder of a $21,600, 8%, 180-Day Note Dated June

question 65

Multiple Choice

Solve the problem.
-A holder of a $21,600, 8%, 180-day note dated June 1 decides to sell the note at a discount. The note is sold on July 21 at a discount of 10%. Find the proceeds.

• A)$21,646.56
• B)$21,421.47
• C)$21,815.04
• D)$21,652.80

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Definitions:

Committee

A permanent, formal group that performs a specific task.

Permanent

Something that is intended to exist or function for an indefinite duration without significant change.

Formal Group

An intentionally structured group created within an organization, based on specific roles, tasks, and objectives, opposite to spontaneously formed informal groups.