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Calculate the amount of interest earned by whitesun bank

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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

Interest Rate 18%

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.

Reference no: EM131756692

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