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7.A 60-day, 12% note received from a customer for $50,000, dated May 15, is endorsed to the bank on May 25 and the bank discounts

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7.A 60-day, 12% note received from a customer for $50,000, dated May 15, is endorsed to the bank on May 25 and the bank discounts the note at 15%. If the maker dishonors the note and the bank charges a $20 protest fee, what is the amount payable to the bank on July 14? a. $51,000 b. $51,020 c. $56,020 d. $50,000

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