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Find the simple interest on £120,000.00 for 5 months at 12% per annum​

1 Answer

11 votes

Answer:

£6,000

Explanation:

Use the simple interest formula:

I = Prt

I = (Principal Value)*(Annual Interest Rate)*(Time in Years)

I = (120000)(0.12)(5/12)

I = 6000

Therefore, the simple interest is £6,000

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