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A $12,500 note is signed, for 120 days, at a discount rate of 8.5%. Find the proceeds. A) $12,150.75 B) $11,672.60 C) $12,500.00 D) $11,685.27

A $12,500 note is signed, for 120 days, at a discount rate of 8.5%. Find the proceeds. A) $12,150.75 B) $11,672.60 C) $12,500.00 D) $11,685.27

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter17: Accounting For Notes And Interest
Section: Chapter Questions
Problem 2CE
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A $12,500 note is signed, for 120 days, at a discount rate of 8.5%. Find the proceeds. A) $12,150.75 B) $11,672.60 C) $12,500.00 D) $11,685.27
Transcribed Image Text:A $12,500 note is signed, for 120 days, at a discount rate of 8.5%. Find the proceeds. A) $12,150.75 B) $11,672.60 C) $12,500.00 D) $11,685.27
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