Respuesta :

The proceeds on the loan is $9600

Data;

  • Principal = $800
  • Rate = 10% = 0.1
  • Time = 120 days
  • Simple Interest

Simple Interest

To solve this problem, we need to calculate the simple interest of the loan which is done by the formula below

[tex]S.I = PRT[/tex]

  • P = principal
  • R = rate
  • T = time

Let's substitute the values into the equation and solve

[tex]S.I = 800*0.1*120\\ S.I = 9600[/tex]

The proceeds on the loan is $9600

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