Blackwind Bank lends money to Smith Company and receives a signed promissory note in return. The details of the note are shown below:

Principal

$

2,100

Interest Rate

16%

Term

45 days

Required:Calculate the amount of interest earned by Blackwind Bank for the term of the note.

Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

The Interest Amount:$