Sue Shopper received a $749.25 discount loan to purchase a refrigerator. The loan was offered at 12% for 120 days. Find the inte
rest in dollars and the proceeds for the following problem.
The interest is $?
The proceeds are $?
2 answers:
Dived loan and purchase to get interest
Answer:
The interest is $29.97
The proceeds are $719.28
Step-by-step explanation:
Data:
L = Loan = $749.25
r = Interest rate = 12% = 0.12
t = Time = 120 days
n = days of the year = 360 days
X = Interest in dollars = ?
Y = Proceeds = ?
X =L * t * (r/n) = $749.25 * 120 * (0.12/360) = $29.97
Y = L - X = $749.25 - $29.97 = $719.28
Therefore,
The interest is $29.97
The proceeds are $719.28
Hope this helps!
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