Question

Find the interest in dollars and the proceeds for the following problem. Choose the right answers. John Green received a $580 discount loan to purchase a television. The loan was offered at 16% for 60 days. Find the interest in dollars and the proceeds for the following problem. The interest is $. The proceeds are $.

Answer 1

Explanation:

The interest

580×0.16×(60÷360)

=15.47

The proceeds

580−15.47

=564.53

Answer 2

The interest
580×0.16×(60÷360)
=15.47
The proceeds
580−15.47
=564.53