Solve the Problem

question 67

Multiple Choice

Solve the problem. Round to the nearest cent as needed.
-A bank has $750,000 to lend for 7 months. It can lend it to a local contractor at a simple interest rate of 12%, or it can lend it to a small business that will pay 12% compounded monthly. If the bank wants to maximize its
Interest earned, who should receive the loan (contractor or business) and what is the additional interest earned?

• A) Contractor; $52,500
• B) Business; $1601.51
• C) Contractor; $1601.51
• D) Business; $54,101.51

Understand the influence of day-care quality on children’s behavior and social development.

Identify the roles of the parties in a contract.

Understand the concepts of contract law and its sources, including globalization impacts.

Distinguish between different types of contracts (e.g., void, voidable, executed, executory).

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Definitions:

Channel Member

An entity that plays a role in the distribution process of products, from manufacturers to end consumers, including wholesalers, retailers, and distributors.

Compensation

Payment or benefits that an employee receives in return for their work, which can include salary, wages, benefits, and bonuses.

Corporations

Legal entities that are separate and distinct from their owners, with the rights to own property, sue or be sued, and conduct business.

States

Defined territorial areas within a country, each with its own government and regulatory powers.