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19 December, 00:56

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

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  1. 19 December, 01:03
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    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
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