Question

The Springfield National bank was the payee of a 300-day note dates February 24. The face value of the note was $24,000, and the discount rate was 9%. What amount did Springfield National bank lend to the maker of the note?

A: $22,200
B: $24,000
C: $21,840
D:$21,500

Answer 1

using this formula i will solve this question 
p=m(1-dt)
m=24000
d=0.9 =9%
t=300/360
now we can find p by putting these values in the formula 
p=24000(1-0.9*300/360)
p=22200 
22240 is the amount which have been springfield national bank lend to marker of the note ! if u have any doubt ask in comment section mark it as the brainllest answer cause i just did a lot of work and time for ur question thankyou buddy