34, A company received in payment for the sale of merchandise an interest-bearing note with a face amount of $1,000, an annual interest rate of 16 percent, and a term 180 days. The company sold this note to a local bank, at a discount rate of 15 percent, when the note had 60 days remaining to maturity. The cash proceeds from the discounted note amounted to (assume 360 days per year): A. $1,010 B. $975 C. $1,080 D. $1,053