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: April 13Face value: $800Length of loan: 150 daysSimple interest rate: 10%Date of discount: June 13
A. 90 days, $779.17
B. 90 days, $812.50
C. 89 days, $808.61
D. 89 days, $775.28
Answer: C
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