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olganol [36]
3 years ago
6

Alex needed proceeds of $12,345. How much does he need to take out at 6% interest for 120 days to receive proceeds of $12,345? p

lease help me with https://brainly.com/question/10042149 too!
Mathematics
1 answer:
ozzi3 years ago
4 0
Assuming the interest due is deducted from the amount borrowed, Alex will walk away with (6%)*(120/360) = 2% less money than he borrows. That is ...
  $12,345 = (1.00 -2%)*(amount borrowed)
  $12,345/0.98 = (amount borrowed) = $12,596.94
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