On June 1, Grey Co. borrows $15,000 cash from National Bank by signing a 120-day, 10% interest-bearing note. Grey will record interest during the year totaling {$blank input field}. Using a 360 day year, round your final answer to the nearest whole dollar.

$500

Explanation:

The amount of interest to be recorded Grey Co on the  borrowed amount of $15,000 is computed by applying the interest rate of 10% to the amount borrowed while apportioning the 120 days period by multiplying by 120 days and dividing by 360 days as computed below:

Interest=$15,000*10%*120/360=$500

The interest that Grey Co would record on the $15,000 is $500 during the year using a 360 day per year instead of the usual 365 day which does not make provision for Banks' holidays

$500

Explanation:

Principal amount = $15000

Interest rate = 10%

Interest value = 10%*15000

$1,500

Loan term = 120 days

Pro rated interest = 120/365*1500=493.1

To the nearest whole dollar $500

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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