The proceeds on the loan is $9600
Data;
- Principal = $800
- Rate = 10% = 0.1
- Time = 120 days
- Simple Interest
To solve this problem, we need to calculate the simple interest of the loan which is done by the formula below
- P = principal
- R = rate
- T = time
Let's substitute the values into the equation and solve
The proceeds on the loan is $9600
Learn more on simple interest here;