Multiple Choice
In order to help finance the purchase of a new house, the Abdullahs have decided to apply for a short-term loan (a bridge loan) in the amount of $120,000 for a term of 2 mo. If the bank charges simple interest at the rate of 14%/year, how much will the Abdullahs owe the bank at the end of the term?
A) $122,800
B) $240,000
C) $117,400
D) $126,300
Correct Answer:

Verified
Correct Answer:
Verified
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