Give correct answer otherwise I don't rating 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

The calculation is done in two main steps: a) Calculate the discount amount b) Subtract the…

Answered: Crystal signed a simple discount…

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 1CE

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What proceeds did lee receive?
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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