Asked by youngboss

Find the interest in dollars and the proceeds for the following problem. Choose the correct answer.

Sue Shopper received a $749.25 discount loan to purchase a refrigerator. The loan was offered at 12% for 120 days. Find the interest in dollars and the proceeds for the following problem.

The interest is $ .

The proceeds are $ .


Answers

Answered by Henry
I = Ab*r*t=749.25*(0.12/360)*120 = $29.97

Ar = Ab-I=749.25 - 29.97=$719.28 = Amount received(proceeds).

I = Interest.
Ab = Amt. borrowed.
Ar = Amt. received.

Answered by Eviana
Find the interest in dollars and the proceeds for the following problem. Choose the correct answers.

Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.

The interest is $ .

The proceeds are .

Answered by Anonymous
Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.
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