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: October 13Face value: $18,300Length of loan: 100 daysSimple interest rate: 10%Date of discount: January 4
A. 17 days, $18,193.42
B. 18 days, $18,714.29
C. 18 days, $18,205.96
D. 17 days, $18,701.75
Answer: D
Mathematics
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