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Determine discounted note payable is

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Question 1: Assuming a 360-day year, the interest charged by the bank, at the rate of 11%, on a 90-day, discounted note payable of $108,000 is ______ .

Round your answer to the nearest whole dollar.

a. $5,940

b. $108,000

c. $11,880

d. $2,970

Reference no: EM132576946

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