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Calculate the amount of interest earned by greenmoon bank

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Question - Greenmoon Bank lends money to Collins Company and receives a signed promissory note in return. The details of the note are shown below:

Principal $ 4,200

Interest Rate 14%

Term 30 days

Required: Calculate the amount of interest earned by Greenmoon Bank for the term of the note.

Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.

Reference no: EM131646255

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