Answer:
$24
Explanation:
Given the following variables:
3M stands for $3,000 face amount of bonds (M is Latin for $1,000).
The day count is = 32 days interest
The bonds = 3 bonds
The interest rate = $90
The day basis = 360 days. (Considering that each month has 30 days)
Hence, using the formula
Accrued Interest = [Interest Rate X (Time Period / 365)] X Loan Amount
= 9% x (32 days / 360) x $3000
= $23.9999997 ≈ $24.
Therefore the final answer for accrued interest the customer will be required to pay seller = $24.
