Multiple Choice
Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2018. The note, along with interest at 6%, is due on June 30, 2019. On September 30, 2018, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Ireland receive from Cloverdale Bank?
A) $40,600.
B) $36,000.
C) $39,220.
D) $36,820.
Correct Answer:
Verified
Correct Answer:
Verified
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