After being held for 30 days, a 90-day 15% interest bearing note receivable was discounted at M & T Bank at 18%.

The proceeds received from the bank upon discounting would be the:

a) Maturity value less the discount at 18%.

b) Maturity value plus the discount at 18%.

c) Face value less the discount at 18%.

d) Face value plus the discount at 18%.