A $5,600, 8% note dated May 20 for 78 days was discounted on June 23 at 14%. The amount of the discount (using a 360-day year) is: (Do not round any intermediate calculations. Round your final answer to the nearest cent.)
A) $98.73.
B) $171.53.
C) $100.01.
D) $97.47.

Question

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The Answer of A $5,600, 8% note dated May 20 for 78 days was discounted on June 23 at 14%. The amount of the discount (using a 360-day year) is: (Do not round any intermediate calculations. Round your final answer to the nearest cent.)
A) $98.73.
B) $171.53.
C) $100.01.
D) $97.47.

A $5,600, 8% Note Dated May 20 for 78 Days