Question: Garr Co . received a $ 6 0 , 0 0 0 , 6 - month, 1 0 % interest - bearing note from a

Garr Co. received a $60,000,6-month, 10% interest-bearing note from a customer. After holding the note for two months, Garr was in need of cash and discounted the note at the United Local Bank at 12%. The amount of cash Garr received from the bank was:
A. $60,480
B. $60,630
C. $61,740
D. $62,520
Garr Co . received a $ 6 0 , 0 0 0 , 6 - month, 1

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