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Greenbird Bank lends money to Hall Company and receives a signed promissory note in return. The details of the note are shown below: Principal $
Greenbird Bank lends money to Hall Company and receives a signed promissory note in return. The details of the note are shown below:
Principal $ 8,700
Interest Rate10%
Term 45 days
Required:Calculate the amount of interest earned by Greenbird 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.
Interest Amount:______________
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