1. Assuming a 360-day year, the interest charged by the bank, at the rate of 6%, on a 90-day, discounted note payable of $100,000 is a. $6,000 b. $1,500 c. $500 d. $3,000

1. Assuming a 360 -day year, the interest charged by the bank, at the rate of 6%, on a 90 -day, discounted note payable of $100,000 is a. $6,000 b. $1,500 c. $500 d. $3,000