Question
Assuming a 360-day year, the interest charged by the bank, at the rate of 11%, on a 90-day, discounted note payable of $108,000 is ______
Assuming a 360-day year, the interest charged by the bank, at the rate of 11%, on a 90-day, discounted note payable of $108,000 is ______ .
Round your answer to the nearest whole dollar.
a.$5,940
b.$108,000
c.$11,880
d.$2,970
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Financial Accounting
Authors: Anne Britton, Chris Waterston
5th edition
273719300, 273719304, 978-0273719304
