Question #1 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? $ question #2 carl cornfield has a short term loan at 18% interest per year. he pays the interest monthly and wants to know the annual percentage rate? apr (to the nearest tenth) = %

Q1. Interest is paid from the loan value. The remaining amount is the proceeds.

... I = Prt = $1000·0.12·(120/360) = $40 . . . . amount of interest

The proceeds are then

... $1000 - 40 = $960

Q2. In the absence of loan fees, the given annual rate is the APR, 18.0%.

The effective rate when 18% is compounded monthly is

... (1 +0.18/12)^12 - 1 ≈ 19.6%

This does not appear to be what the question is asking.

saving = more money

step-by-step explanation:

if you have 100 bucks, and you want to buy a candy bar, even if you have one at home, if you choose not to buy it, you save.

~courtney

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