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.
2 answers
I = Ab*r*t = 380*(0.18/360)*60 = $11.40
Ar = Ab-I = 380 - 11.40 = $368.60 = Amt. received or proceeds.
3 answers