Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.

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asked Jan 20, 2018 8.5k views

3 votes

Tim Tele received a $380 discount loan to purchase a DVD player. The loan was offered at 18% for 60 days. Find the interest in dollars and the proceeds for the following problem.

Mathematics
high-school

Kacey Ezerioha asked

by Kacey Ezerioha

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Answer:A=11.40

B=368.60

just took a test on odyssey ware

Alfredocambera answered Jan 22, 2018

by Alfredocambera

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5 votes

I = Ab*r*t = 380*(0.18/360)*60 = $11.40
Ar = Ab-I = 380 - 11.40 = $368.60 = Amt. received or proceeds.

Atli answered Jan 25, 2018

by Atli

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