A Bank Made a $12,000 Short-Term Loan to a New

question 45

Short Answer

A bank made a $12,000 short-term loan to a new book store and earned $187.40 interest in only 60 days. Compute the exact simple interest rate (365-day year) that the bank charged. (To nearest 1/10 of a percent.)

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Definitions:

Heating Bills

Monthly or seasonal charges incurred for consuming energy to heat a residential or commercial space.

Forms of Heating

Various methods used to increase the temperature of objects, substances, or spaces, including conduction, convection, and radiation.

Population Variances

A measure of the dispersion of all the data points in a population.

Level of Significance

The threshold below which a p-value must fall for an effect to be considered statistically significant, often set at 0.05 or 5%.