Solved

In Order to Help Finance the Purchase of a New

Question 120

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:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions