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Calculate the amount of interest earned by greenbird bank

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Reference no: EM131752448

Question - Greenbird Bank lends money to Hall Company and receives a signed promissory note in return. The details of the note are shown below:

Principal $ 8,700

Interest Rate10%

Term 45 days

Required: Calculate the amount of interest earned by Greenbird 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.

Reference no: EM131752448

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