Please provide Solutions of the question Crystal signed a simple discount promissory note for $75,000. Thediscount rate is 13.25% and the term of the note is 120 days.What are Crystal's proceeds on the loan?A. $3,312.50B. $71,687.50C. $3,267.12D. $19,575

Step 1: The calculation of the proceeds on the loan AB1Promissory note (Face value) $ 75,000.00…

Answered: Crystal signed a simple discount…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crystal signed a simple discount promissory note for $75,000. The discount rate is 13.25% and the term of the note is 120 days. What are Crystal's proceeds on the loan? A. $3,312.50 B. $71,687.50 C. $3,267.12 D. $19,575