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
Place an order in 3 easy steps. Takes less than 5 mins.