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In order to solve this task you have to use a the interest formula.
So, the formula is I = Adt.
Keep in mind the value P = $290 which is the Amount of the loan,
d is the discount rate = 16% = 0.16
t is period of time= 90days - simplify 90/365. So the period is 18/73.
<span>Then calculate principle amount of money using this : (1 + rt).
Solution: </span>
Proceed = Amount - Interest:
The answer is $278.56
So, the formula is I = Adt.
Keep in mind the value P = $290 which is the Amount of the loan,
d is the discount rate = 16% = 0.16
t is period of time= 90days - simplify 90/365. So the period is 18/73.
<span>Then calculate principle amount of money using this : (1 + rt).
Solution: </span>
Proceed = Amount - Interest:
The answer is $278.56