A firm arranged for a 120-day bank loan at an annual rate of interest of 10 percent. If the loan is for $100,000, how much interest in dollars will the firm pay? (Assume a 360-day year.)
A. $10,000.
B. $30,000.
C. $3,333.
D. $1,000.
Answer:C
A firm arranged for a 120-day bank loan at an annual rate of interest of 10 percent. If the loan is for $100,000, how much interest in dollars will the firm pay? (Assume a 360-day year.)
A. $10,000. B. $30,000. C. $3,333. D. $1,000.