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Assuming a 360-day year, the interest charged by the bank, at the rate of 12%,...

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Question

Accounting

Assuming a 360-day year, the interest charged by the bank, at the rate of 12%, on a 90-day, discounted note payable of $117,674 is

Select the correct answer.

$117,674

$3,530

$7,061

$14,121

Answer & Explanation Solved by verified expert
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