question archive Simpson Conglomerates borrows $12,000 for a short-term purpose
Simpson Conglomerates borrows $12,000 for a short-term purpose
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Simpson Conglomerates borrows $12,000 for a short-term purpose. The loan will be repaid after 120 days, with Simpson paying a total of $12,400. What is the approximate cost of credit using the APY, or annual percentage rate, calculation?
A. 4.33%
B. 10.34%
C. 12.25%
D. 12.46%
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