First, find the initial proceeds of the simple discount note. Then, find the discount period, the discount, and proceeds after discounting.Date Loan Was Made: Jan. 19Maturity Value: $20,000Length of Loan: 60 daysRate: 10%Date of Discount: Mar. 7Discount %: 10%

Question

A. Initial Proceeds: $59,666.67;
Discount Period: 15 days;
Discount: $411.11;
Proceeds After Discount: $59,927.78
B. Initial Proceeds: $19,666.67;
Discount Period: 13 days;
Discount: $355.56;
Proceeds After Discount: $39,927.78
C. Initial Proceeds: $19,666.67;
Discount Period: 13 days;
Discount: $72.22;
Proceeds After Discount: $19,927.78
D. Initial Proceeds: $39,666.67;
Discount Period: 15 days;
Discount: $344.44;
Proceeds After Discount $39,927.78

Answer 1

Answer: C