Martha Jones received a $540 discount loan to purchase a new sewing machine. The loan was offered at 12.5% for 90 days. Find the
interest in dollars and the proceeds for the following problem.
The interest is $.
The proceeds are $.
2 answers:
Hey! Hope that I can help.
To do this, you need to multiply the 540 by 12.5 and also
to get your answer.
Answer: 16.88
To find the interest you just use the interest formula which is
I=prt
I=?
P=540
R=0.125
T=90/360
I=540×0.125×(90÷360)=16.88
The proceeds
540−16.88=523.12
Hope it helps!
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Hope this helps!
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