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3 years ago

A company receives a 10%, 90-day note for $2,700. The total interest due on the maturity date is: (Use 360 days a year.)

Business

1 answer:

Rom4ik [11]3 years ago

8 0

Answer:

Interest amount = $67.5

Explanation:

Use the below formula to find the interest amount:

Interest amount = The value of note x Interest rate x (90 / 360)

Given value of note = $2700

Interest rate = 10%

Time = 90/360

Now plug the value in the above formula and solve for the interest due:

Interest amount = The value of note x Interest rate x (90 / 360)

Interest amount = 2700 x 10% x (90 / 360)

Interest amount = $67.5

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Read 2 more answers