Math help needed: How much will the Abdullahs owe #7

Anonymous
timer Asked: Nov 9th, 2015
account_balance_wallet $5

Question Description

In order to help finance the purchase of a new house, the Abdullahs have decided to apply for a short-term loan (a bridge loan) in the amount of $140,000 for a term of 1 mo. If the bank charges simple interest at the rate of 12%/year, how much will the Abdullahs owe the bank at the end of the term?
A.
B.
C.
D.

Tutor Answer

whgrab
School: Carnegie Mellon University

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

140000 + 1% of 140000

140000+1400

$141400

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Anonymous
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