Solved: Greenmoon bank lends money to collins company and receives, Accounting Basics

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Greenmoon bank lends money to collins company and receives

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.

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Accounting Basics: Greenmoon bank lends money to collins company and receives

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Accounting Basics: Greenmoon bank lends money to collins company and receives

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