Question

Martha Jones received a $540 discount loan to purchase a new sewing machine. The loan was offered at 12.5% for 90 days. Find the interest in dollars and the proceeds for the following problem

Answer 1

$100 discount loan for 7%

1) Pay back $100 in one year
2) Receive $93, today.

$540 discount loan for 12.5%

1) Pay back $540.00 in 90 days.
2) Receive WHAT, today? It's less than $540.00

Answer 2

XD MARTHA JONES(DOCTOR WHO)