Question

Find the interest due on $1,200 at 8% for 240 days. (Remember that for bank interest purposes, a year is considered to have 360 days.)

Answer 1

I=1200*0.08*240/360
I==64

Answer 2

Answer: Interest is due is $64.

Explanation:

Since we have give that

Principal = $1200

Rate of interest = 8%

Number of days = 240

As we know the formula for "Simple Interest":

`Interest=(P* r* t)/(100)\\\\Interest=(1200* 8* 240)/(360* 100)\\\\Interest=\$64`

Hence, Interest is due is $64.