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Find the interest due on $600 at 9.5% for 120 days.

User Menzoic
by
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2 Answers

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$18.74 is the interest due on $600 for 120 days.
User Justin Holman
by
7.8k points
3 votes

Answer:

Interest= $ 18.73

Explanation:

Given : $600 at 9.5% for 120 days

To find : Find the interest due

Solution :

Simple interest formula
I=P* r* t

Principle(P)=$600 , rate(r)=9.5%=0.095 , time (t)= 120 days

In years, 1 year = 365 days

1 day =
(1)/(365) year

120 days =
(120)/(365) year

Put values in the formula


I=P* r* t


I=600* 0.095*(120)/(365)


I=(6840)/(365)=18.73

Therefore, Interest= $ 18.73




User David Ding
by
9.4k points

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