Answer:
$45
Explanation:
The total interest due on note can be calculated by multiplying the Value of note with interest rate for required days. The formula for interest should be
Total Interest due = Value of Note x Interest Rate x 90/360
DATA
Value of note = $3,600
Interest rate = 5%
Number of days = 90
Total days n a year = 360
Solution
Total interest due = 3,600 x 5% x 90/360
Total interest due = $45
