find the bank discount and proceeds on the following loans
RM4215 FROM 10 june to 5 august of the same year at 10 percent
To find the bank discount and proceeds on a loan, we need to consider the principal amount, interest rate, and time period.
Here, we have:
Principal amount (P) = RM4215
Interest rate (r) = 10% or 0.10 (decimal form)
To calculate the time period, we need to find the number of days between 10 June and 5 August.
Step 1: Calculate the number of days
10 June to 5 August = 2 months and 26 days
Since the interest rate is given as an annual rate, we need to calculate the time period in terms of a year. One year has 365 days, so we divide the number of days by 365:
Time period (t) = (2 months + 26 days) / 365
Step 2: Convert the time period to a decimal form
2 months = (2/12) years
26 days = (26/365) years
Therefore, the time period (t) = (2/12) + (26/365)
Step 3: Calculate the bank discount
Bank Discount (D) = P * r * t
D = RM4215 * 0.10 * [(2/12) + (26/365)]
Step 4: Calculate the proceeds
Proceeds (A) = P - D
Now we can substitute the values into the formulas to find the bank discount and proceeds:
Bank Discount (D) = RM4215 * 0.10 * [(2/12) + (26/365)]
Proceeds (A) = RM4215 - D
Using a calculator, perform the calculations to find the bank discount (D) and then subtract it from the principal amount (RM4215) to find the proceeds (A).