Question - Greenmoon Bank lends money to Collins Company and receives a signed promissory note in return. The details of the note are shown below:
Principal $ 4,200
Interest Rate 14%
Term 30 days
Required: Calculate the amount of interest earned by Greenmoon Bank for the term of the note.
Note: To simplify the arithmetic in the problem, use 360 days for the number of days in a year.