How much interest will the bank earn?

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

A bank in Houston loans out $70,000 to a business at 10.5% annual simple interest for 6 months. How much interest will the bank earn?

Jun 9th, 2015

Thank you for the opportunity to help you with your question!

interest =principle*rate*time

=$70,000*105/1000*6/12

=$3675

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 9th, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jun 9th, 2015
...
Jun 9th, 2015
Jun 24th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer