Street's Candy Shop needs to borrow $50,000 for 120 days. If the interest rate for such loans is currently 12.4%, how much can Street save by finding a lending institution that uses the exact interest method rather than the ordinary interest method? (Round to the nearest cent)

Question

Quizplus · Accepted Answer

The Answer of Street's Candy Shop needs to borrow $50,000 for 120 days. If the interest rate for such loans is currently 12.4%, how much can Street save by finding a lending institution that uses the exact interest method rather than the ordinary interest method? (Round to the nearest cent)

Street's Candy Shop Needs to Borrow $50,000 for 120 Days