The Note Was Sold 132 Days Prior to the Maturity

question 55

Multiple Choice

The note was sold 132 days prior to the maturity date to a bank.The bank pays $14,655.23 for the note.What rate of simple discount,d,did they use to determine this price?

• A)5.91%
• B)6.43%
• C)6.58%
• D)6.74%

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