Question

Choose the correct answer. Find the interest due on $800 at 12% for 120 days. = $

Answer 1

$32

Explanation:

interest due on $800 at 12% for 120 days.

We use simple interest formula

Simple interest for 365 days formula is

`Interest = P * r* (n)/(365)`

P is the principal amount= 800

r = rate of interest = 12% = 12/100 = 0.12

n = number of days = 120

Plug in all the values in the formula

`Interest = 800 * 0.12* (120)/(365)`

Interest = 31.56164384

Interest = $32