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Assuming a 360-day year, the interest charged by the bank, at the rate of 10%,...

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Question

Accounting

Assuming a 360-day year, the interest charged by the bank, at the rate of 10%, on a 90-day, discounted note payable of $104,712 is

Select the correct answer.

$10,471

$5,236

$2,618

$104,712

Answer & Explanation Solved by verified expert
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