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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…

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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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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User Kacey Ezerioha
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2 Answers

6 votes

Answer:A=11.40

B=368.60

just took a test on odyssey ware

answered
User Alfredocambera
by
8.1k points
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.
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User Atli
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