Mathematics: Chris shopper received a $1,000 discount loan to purchase a washer and dryer. the loan was offered at 12% for 120 days. what are the proceeds?

Slope of every horizontal line is zero...

Chris shopper received a $1,000 discount loan

Ответ:

heartykwarteng12

14.03.2022

Mathematics

Proceeds = $ 959.96

Step-by-step explanation:

Principal = $1000

Interest = 12%

Time = 120 days = 0.33 years

n = number of times the interest rate is compounded in one year

⇒ n = 12

$\text{Compound Interest = }Principal\times (1+\frac{rate}{100\times n})^{n\cdot t}\\\\\text{Compound Interest = }1000\times (1+\frac{12}{12\times 100})^{12\times 0.33}\\\\\bf\implies \textbf{Compound Interest = }\$1040.04$

Now, Interest = Compound Interest - Principal

⇒ Interest = 1040.04 - 1000

= $ 40.04

And the Proceeds are = Principal - Interest

= 1000 - 40.04

= $ 959.96

0,0(0 оценок)

Chris shopper received a $1,000 discount loan to purchase a washer and dryer. the loan was offered at 12% for 120 days. what are the proceeds?

Ответ:

Ответ:

Ask your question to the AI advisor

More tips

Answers on questions: Mathematics

Ask an AI advisor a question