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Tina and Mike have sold their house, but they will not get the proceeds from the sale for an estimated 2 months. The owner of

Tina and Mike have sold their house, but they will not get the proceeds from the sale for an estimated 2 months.


The owner of the house they want to buy will not hold the house that long. Tina and Mike have two choices:

Let their dream house go or take out a bridge loan?

The bridge loan would be for $95,000, at 8.5% simple interest, due in 60 days?

How much interest would they pay for this loan? 

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