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A holder of a $9000, 7%, 210-day note dated June 8 decides to sell the...

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Question

Accounting

A holder of a $9000, 7%, 210-day note dated June 8 decides to sell the note at a discount based on ordinary interest. The note is sold on July 18 at a discount of 12% using the banker's rule. Find the proceeds.

Select one:

a. $8836.68

b. $8833.55

c. $8770.64

d. $9057.85

Answer & Explanation Solved by verified expert
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