Question
Whitebird Bank lends money to Carter Company and receives a signed promissory note in return. The details of the note are shown below: Principal $4,800
Whitebird Bank lends money to Carter Company and receives a signed promissory note in return. The details of the note are shown below:
Principal$4,800
Interest Rate 7%
Term 90 days
Calculate the amount of interest earned by Whitebird Bank for the term of the note.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.
Interest Amount:$____________
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Introduction to Operations Research
Authors: Frederick S. Hillier, Gerald J. Lieberman
10th edition
978-0072535105, 72535105, 978-1259162985
