Find the interest due on 1200 at 8% for 240 days.

Question

Mathematics

Imani Flynn

17 May, 22:58

Find the interest due on 1200 at 8% for 240 days.

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Maritza Holloway · Answer 1

Let us use 360 days for the 1 year term.

principal = 1,200interest rate = 8% unless otherwise stated, this rate is per annum or annual rate. term = 240 days

Simple Interest = Principal * interest rate * termS. I = 1,200 * 8% * 240/360S. I = 1,200 * 0.08 * 0.667S. I = 64.032 rounded off to 64