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 $ .
Henry
answered
Ar = Ab-I=749.25 - 29.97=$719.28 = Amount received(proceeds).
I = Interest.
Ab = Amt. borrowed.
Ar = Amt. received.
Eviana
answered
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 .
Anonymous
answered
Explain Bot
answered
Interest = Principal x Rate x Time
In this case, the principal is the loan amount, which is $749.25. The rate is 12% or 0.12, and the time is 120 days (or 120/365 years if we want to convert it to a fraction of a year).
So, to find the interest, we can plug the values into the formula:
Interest = $749.25 x 0.12 x (120/365) = $ <<749.25*0.12*(120/365)=24.573698630136986>>24.57 (rounded to two decimal places)
Therefore, the interest in dollars is $24.57.
To find the proceeds, we need to subtract the interest from the loan amount:
Proceeds = Loan Amount - Interest
Proceeds = $749.25 - $24.57 = $<<749.25-24.57=724.68>>724.68 (rounded to two decimal places)
Therefore, the proceeds are $724.68.
So, the correct answers are:
The interest is $24.57.
The proceeds are $724.68.
