The Simple Interest Note Was Discounted at 15

question 112

Multiple Choice

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
-Loan made: Jan 2
Face value: $9,000
Length of loan: 120 days
Rate: 11%
Date of discount: Mar 2

• A)60 days, $9,158.95
• B)61 days, $8,762.86
• C)61 days, $9,092.86
• D)61 days, $8,828.95

---

Definitions:

Valuing Citizenship

Placing importance on the rights, responsibilities, and roles of individuals in a society or community.

Entrepreneurship

The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Culturally Competent

Having the capacity to understand, communicate with, and effectively interact with people across cultures.

Public Administrators

Individuals who manage public agencies or non-profit organizations, implementing policies and managing resources to serve the public.