Question 17

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

Principal$

9,000

Interest Rate18

%

Term90

days

Required:

Calculate the amount of interest earned by Redmoon 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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