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Choose the correct answers for interest in dollars and the proceeds for the following problem. Sam Sounds received a $320 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dollars and the proceeds for the following problem.

Respuesta :

The Interest is $12.595 while the value of the Proceeds is $307.405

How to find the interest and proceeds?

The amount of loan; A = $320

The discount rate = 16%=0.16

Time = 90 days = 90/365 year = 0.246 year

The formula of interest is;

Interest = Amount × Discount rate × Time

Thus;

Interest = 320 × 0.16 × 0.246

Interest = $12.595

Proceed = Amount - Interest

Proceed = $320 - $12.595

Proceeds = $307.405

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