A bank has $750,000 to lend for 7 months. It can lend it to a local contractor at a simple interest rate of 12%, or it can lend

Question

3 years ago

6

A bank has $750,000 to lend for 7 months. It can lend it to a local contractor at a simple interest rate of 12%, or it can lend

it to a small business that will pay 12% compounded monthly. If the bank wants to maximize its interest earned, who should receive the loan (contractor or business) and what is the additional interest earned

Mathematics

1 answer:

Allisa [31] · Answer 1 · 2022-05-29T13:58:14+03:00

Allisa [31]3 years ago

6 0

Answer:

the answer is $7,000

Step-by-step explanation:

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