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.
not enough information!!!! please recheck
The interest would be
380 * .18 * 60/360
the interest is 11.40
To find the interest in dollars, we can use the formula:
Interest = Principal * Rate * Time
Here, the principal (P) is the discount loan amount of $380, the rate (R) is 18% expressed as a decimal which is 0.18, and the time (T) is 60 days.
Let's calculate the interest in dollars:
Interest = $380 * 0.18 * (60/365)
= $37.04 (rounded to two decimal places)
Therefore, the interest on the loan is $37.04.
To find the proceeds, we need to subtract the interest from the principal:
Proceeds = Principal - Interest
= $380 - $37.04
= $342.96 (rounded to two decimal places)
Therefore, the proceeds for Tim Tele is $342.96.