Reuben Araújo received a $800 discount loan to purchase a washer and dryer. The loan was offered at 10% for 120 days. What are t

Question

2 years ago

6

he proceeds?
$

1 answer:

Kaylis [27] · Answer 1 · 2023-02-02T22:44:33+03:00

The proceeds on the loan is $9600

Data;

<h3>Simple Interest</h3>

To solve this problem, we need to calculate the simple interest of the loan which is done by the formula below

$S.I = PRT$

Let's substitute the values into the equation and solve

$S.I = 800*0.1*120\\ S.I = 9600$

The proceeds on the loan is $9600

Learn more on simple interest here;