Alex needed proceeds of $12,345. How much does he need to take out at 6% interest for 120 days to receive proceeds of $12,345? please help me with https://brainly.com/question/10042149 too!
Assuming the interest due is deducted from the amount borrowed, Alex will walk away with (6%)*(120/360) = 2% less money than he borrows. That is ... $12,345 = (1.00 -2%)*(amount borrowed) $12,345/0.98 = (amount borrowed) = $12,596.94
