question 27 (mandatory) (5 points) assuming a 360 - day year, the interest charged by the bank, at the rate…

question 27 (mandatory) (5 points) assuming a 360 - day year, the interest charged by the bank, at the rate of 6%, on a 90 - day, discounted note payable of $100,000 is $6,000 $1,500 $500 $3,000

question 27 (mandatory) (5 points) assuming a 360 - day year, the interest charged by the bank, at the rate of 6%, on a 90 - day, discounted note payable of $100,000 is $6,000 $1,500 $500 $3,000

Answer

Explanation:

Step1: Identify the formula

The formula for simple - interest on a discounted note is $I = P\times r\times t$, where $P$ is the principal amount, $r$ is the annual interest rate, and $t$ is the time in years.

Step2: Convert time to years

The time $t$ is 90 days. Since we assume a 360 - day year, $t=\frac{90}{360}= 0.25$ years.

Step3: Substitute values into the formula

The principal $P = 100000$, the annual interest rate $r=0.06$. Substitute into the formula $I = P\times r\times t$: $I=100000\times0.06\times0.25$.

Step4: Calculate the interest

$I = 100000\times0.06\times0.25=1500$.

Answer:

$1,500$