Ask Question
19 April, 18:43

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? $40.00 $144.00 $960.00 $1,440.00

+3
Answers (1)
  1. 19 April, 22:40
    0
    The loan proceeds will be given as follows:

    A=P (1+r/100) ^n

    Plugging the values we obtain

    n=4 months=

    A=1000 (1+12/3*100) ^1

    A=$1040

    hence the proceeds will be:

    1040-1000=$40
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers