Question: Assuming a 3 6 0 - day year, the interest charged by the bank, at the rate of 5 % , on a 9 0

Assuming a 360-day year, the interest charged by the bank, at the rate of 5%, on a 90-day, discounted note payable of $102,614 is
a. $1,283
b. $2,566
c. $5,131
d. $102,614

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