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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:
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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