Final answer:
To calculate the interest accrued on a 120-day note for $360,000 at a 6% annual rate from November 1 to December 31, 2016, use the simple interest formula. The interest accrued over the 60 days is $3,546.58.
Step-by-step explanation:
The question asks about calculating the interest accrued on a 120-day note for $360,000 with an annual interest rate of 6%, specifically from November 1, 2016, to December 31, 2016. To compute the interest accrued over this period, we identify the number of days interest has accrued and apply the simple interest formula.
From November 1, 2016, to December 31, 2016, there are 60 days. The formula for computing simple interest is Interest = Principal × Rate × Time, where time is in years.
Thus:
Interest = $360,000 × 6% × (60/365)
Interest = $360,000 × 0.06 × (60/365)
Interest = $360,000 × 0.06 × 0.1644
Interest = $3,546.58
Therefore, the amount of interest that has accrued as of December 31, 2016, is $3,546.58.