A bank has 867,000 available to lend for 9 months. It can be lent to a local

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A bank has 867,000 available to lend for 9 months. It can be lent to a local small business that will pay 10.5 % compounded monthly, or to a developer at a simple interest rate of 14.3% . If the bank wants to maximize the earned interest, who should receive the loan? How much will be paid?

Posted Date: May 10, 2024 03:07 AM

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A bank has 867,000 available to lend for 9 months. It can be lent to a local

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To determine who should receive the loan and how much will be paid we need to compare the interest e... View the full answer

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