Math calculation for homework please help?

Answers:3   |   LastUpdateAt:2018-07-28 02:40:33  

Question
Oti
Asked at 2012-08-31 01:15:02
Oprah Inc , a loan of $ 12,000 for four months on a discounted basis . The lender uses an interest rate of 8% to calculate the discount . The amount of cash available Oprah Inc. actually had to use this loan was ? MedlinePlus MedlinePlus I think the answer is 11, 680, but I'm bad at math and wanted to see if I was anywhere close to doing this problem correctly ?
Answer1AgnusAnswered at 2012-10-05 15:01:35
I'll answer with the assumption that the rate was 8% (if not specified) . MedlinePlus MedlinePlus Amount of capital = $ 12,000 MedlinePlus Rate = 8% = 0.08 MedlinePlus The time is 4 months ( become over the years would be 4 /12 = 0.33 years )
MedlinePlus Simple Interest = ( Principal X Rate X Time ) / 100 MedlinePlus S.I = 12000 X 8 X % 12.4 MedlinePlus S.I = 12000 X 0.08 X 0.33 MedlinePlus MedlinePlus S.I = $ 316.80 MedlinePlus Since this is a loan discount , Inc Oprah interest would have $ 12 000 less than $ 316.80 , so your answer is (12.000 to 316.80 ) = $ 11,683.20 .
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