Question

Abe Wolf bought a new kitchen set at Sears. Abe paid off the loan after 60 days with an interest charge of $9. If Sears charges 10% interest. What did Abe pay for the kitchen set? (Use 360 days a year. Do not round intermediate calculations.)

Answer 1

I = PRT

9 = P * 0.1 * 0.166667

9 = 0.016666667P

9/0.016666667 = P

P = 540.00