A company receives a 10%, 120-day note for $1,500. The total interest due on the maturity date is: (Use 360 days a year.)
A) $50.00.
B) $150.00.
C) $75.00.
D) $37.50.
E) $87.50.
A) $50.00.
Explanation: $1,500 * 0.10 * 120/360 = $50.00
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