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33 Tim's Toys obtained a $50,000 note receivable from a customer on June 30, 2021. The...

33

Tim's Toys obtained a $50,000 note receivable from a customer on June 30, 2021. The note, along with interest at 6%, is due on June 30, 2022. On September 30, 2021, Tim's Toys discounted the note at Cloverdale bank. The bank's discount rate is 10%. What amount of cash did Tim's Toys receive from Cloverdale Bank?

Multiple Choice

  • $49,025.

  • $46,025.

  • $50,750.

  • $45,000.

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