Sue shopper received a $749.25 discount loan to purchase a refrigerator. the loan was offered at 12% for 120 days. find the interest in dollars and the proceeds for the following problem. the interest is $? the proceeds are $?

The interest is $29.97

The proceeds are $719.28

Step-by-step explanation:

Data:

L = Loan = $749.25

r = Interest rate = 12% = 0.12  

t = Time = 120 days

n = days of the year = 360 days

X = Interest in dollars = ?

Y = Proceeds = ?

X =L * t * (r/n) = $749.25 * 120 * (0.12/360) = $29.97

Y = L - X = $749.25 - $29.97 = $719.28

Therefore,  

The interest is $29.97

The proceeds are $719.28

Hope this helps!

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step-by-step explanation: