Question

Chris Shopper received a $800 discount loan to purchase a washer and dryer. The loan was offered at 10% for 120 days. What are the proceeds?

Answer 1

773.33 ... amosc also yrnbird1213

Answer 2

Loan given to Chris Shopper = $ 800

Rate of Discount = 10 %

Number of Days for which loan was provided= 120 days

Simple interest =
`(Principal * Rate * Time)/(100)\\\\(800 * 10 * 120)/(360* 100)=(9600)/(360)`= $25.83

Proceeds i.e interest= $ 26.67

Total Proceeds i.e Amount i.e Chris Chopper will Return=$800 - $ 26.67= $ 873.33