Bill Blue discounts a 90-day note for $20,000 at 4%. The bank discount is (assume ordinary interest):

Question

Bill Blue discounts a 90-day note for $20,000 at 4%. The bank discount is (assume ordinary interest):

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Jasmine 3 weeks 2021-09-25T21:45:00+00:00 1 Answer 0

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    2021-09-25T21:46:39+00:00

    Answer:

    $200

    Step-by-step explanation:

    Interest = principal × rate × term

    Interest = 20,000 × 0.04 × 90/360

    Interest = 200

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