Use the table to solve the problem. Round to the nearest cent.
A bank has $550,000 to lend for 9 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 and what is the additional interest earned?
A. Contractor; $2,029.50
B. Business; $2,029.50
C. Business; $925,694.00
D. Contractor; $14,470.50
Answer: B
Mathematics
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