John Green received a $580 discount loan to purchase a television. The loan was offered at 16% for 60 days. Find the interest in dollars and the proceeds for the following problem.
The interest is $____.
15.21
14.74
15.47
The proceeds are $____.
554.53
544.53
564.53

Question

John Green received a $580 discount loan to purchase a television. The loan was offered at 16% for 60 days. Find the interest in dollars and the proceeds for the following problem. 
The interest is $____. 
15.21 
14.74 
15.47 
The proceeds are $____. 
554.53 
544.53 
564.53

tkhunny · Answer

580*0.16*(60/360) = 15.57

It's not clear to me why we used 360, but it's possible.

You tell me of the proceeds.