Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ . Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800

Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ . Round your answer to the nearest whole dollar. a.$2,184 b.$8,736 c.$4,368 d.$124,800

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 20P

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Question

Assuming a 360-day year, the interest charged by the bank, at the rate of 7%, on a 90-day, discounted note payable of $124,800 is ______ .
Round your answer to the nearest whole dollar.

a.$2,184

b.$8,736

c.$4,368

d.$124,800

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