Amalgamated Appliance Inc. has planned a 3-month issue of commercial paper with a face value of $25,000,000. The paper is set to sell at 98.5% of face value. What is the discounted selling price of the firm's commercial paper?
A) $25,000,000
B) $25,325,000
C) $24,625,000
D) $24,300,000
Answer: C
Explanation: C) Discounted selling price = Face Value × % of par = $25,000,000 × 0.985 = $24,625,000.
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