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28 September, 11:33

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.

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  1. 28 September, 13:23
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    I = Ab*r*t = 380 * (0.18/360) * 60 = $11.40

    Ar = Ab-I = 380 - 11.40 = $368.60 = Amt. received or proceeds.
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