abe wolf brought a new kitchen set at sears. abe paid off the loan after 60 days with as interest of $9. if sears charges 8% interest. What dis abe pay for the kitchen set (assume 360 days)

Answer 1

Assuming 360 days per year, 60 days is 2 months out of 12.
At an interest rate of 8%, he had to pay (8*2/12)%=(4/3)% of his loan in interests.

By proportion,
(4/3)% : $8
100% : x
Cross multiply to get:
Loan=
x=8*100%/(4/3)%
=$600