Provide solution 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:Concept-To calculate Crystal's proceeds on the loan, we first need to find the amount of the…

Answered: Crystal signed a simple discount…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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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