The simple interest note was discounted at 12%. Find the discount period in days and the proceeds to the nearest cent. A year is assumed to have 360 days for all calculations.
Loan made: January 8Face value: $2300Length of loan: 120 daysSimple interest rate: 7%Date of discount: March 8
A. 60 days, $2326.21
B. 61 days, $2272.54
C. 61 days, $2252.14
D. 61 days, $2305.81
Answer: D
Mathematics
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