12. Patrick and Ben are planning to borrow $34,500 for 150 days to buy some property. Bank A charges 15.75% exact interest while Bank B charges 10.5% ordinary interest. 12a) How much interest is charged at bank A? 12b) How much interest is charged at bank B? 12c) Which bank offers a better deal?

Q: What are the reserves in Bank A before the money is borrowed from the bank?

A: Please refer solution tab for detailed answer

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A: The answer is $10,160 Please refer below for calculation.

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A: Step 1:  Step 2: Step 3: Step 4:

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