A firm arranged for a 120-day bank loan at an annual rate of interest

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

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