Question
Whitesun Bank lends money to Evans Company and receives a signed promissory note in return. The details of the note are shown below: Principal $6,300
Whitesun Bank lends money to Evans Company and receives a signed promissory note in return. The details of the note are shown below:
Principal$6,300
Interest Rate18%
Term 60 days
:Calculate the amount of interest earned by Whitesun Bank for the term of the note.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.
Interest Amount:$ __?
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Corporate Financial Accounting
Authors: Carl S Warren, Jeff Jones
16th Edition
0357510380, 978-0357510384
