an amount of 2300 is borrowed for 7 months at a simple rate of 16% find...

Question

Question

an amount of 2300 is borrowed for 7 months at a simple rate of 16% find the discount and the proceeds

Answer 1

Answer #1

Discount = amount borrowed * interest rate * (number of months / 12)

Discount = 2300 * 16% * 7 / 12

Discount = 214.67

Proceeds = amount borrowed - discount

Proceeds = 2300 - 214.67

Proceeds = 2085.33

Answer 2

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