Solve the problem.
-Twin City Freezer accepts a note with face value of $6,920 on June 1. The note is for 90 days at 8% interest. The note is discounted on July 24 at 9%. Find the proceeds.
A)$6,993.11
B)$6,991.35
C)$7,000.36
D)$6,912.36

Question

Quizplus · Accepted Answer

The interest for 90 days at 8% is calculated first, then the note is discounted at 9% for the remaining period. The proceeds are the face value minus the discount.

Solve the Problem. -Twin City Freezer Accepts a Note with Face Value of Face