Answer:
amount = $770,000
Explanation:
given data:
face amount = $22 million
annual rate = 7%
fraction of one single year [tex]= \frac{6}{12}[/tex]
amount of interest paid by holiday brand = face amount * annual rate* fraction of year
[tex]amount = 22,000,000*0.07*\frac{6}{12}[/tex]
amount = $770,000
