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Bridge loans to help finance the purchase of a new house

Question: BRIDGE LOANS To help finance the purchase of a new house, the Abdullahs have decided to apply for a shortterm loan (a bridge loan) in the amount of $120,000 for a term of 3 mo. If the bank charges simple interest at the rate of 12%/year, how much will the Abdullahs owe the bank at the end of the term?

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Mathematics: Bridge loans to help finance the purchase of a new house

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