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Calculate the amount of interest earned by whitewind bank

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Whitewind Bank lends money to Ramirez Company and receives a signed promissory note in return. The details of the note are shown below:

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Principal                   $4,200

Interest Rate              18%

Term                     120 days

Required:

Question 1: Calculate the amount of interest earned by Whitewind Bank for the term of the note. To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Reference no: EM132473461

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