Question

Find the interest in dollars and the proceeds for the following problem. Remember to use a 360 day year. (Enter a $ along with your answer in $0.00 format.) Chris Shopper received a $1,500.00 discount loan to purchase a washer and dryer. The loan was offered at 15% for 120 days. Find the interest in dollars and the proceeds for the following problem.

Answer 1

Therefore the interest = $ 75.

Explanation:

Given , Chris shopper received a loan $1,500 discount to purchase a washer and dryer. The loan was offered at 15%for 120 day.

P = $ 1500

r = 15%

t=
`(120)/(360) = (1)/(3)` year

`\textrm{intrest} =(Pr t)/(100)`

`=\$(1500* 15 * (1)/(3) )/(100)`

`=\$ 75`

Therefore the interest = $ 75.