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Janet and Mercy wants to borrow $50,000 for 120 days to finance their business
Security Bank charges 11% exact interest while State Savings and loan charges
12.5% ordinary interest.
calculate the maturity value at each bank,
Which is the best bank for them to borrow the money?

Respuesta :

hassandar3

Answer:

Security Bank= $1808.22

Step-by-step explanation:

For Security Bank= 50000*11%*(120/365)=1808.22

State Savings= 50000*12.5%*(120/360)=2083.33

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