What is the simple interest on a loan of $310 for 4 months at 12% per year ?

Question

asked Jun 21, 2021 116k views

2 Answers

Zeeshan Akhter · Answer 1 · 2021-06-21T18:16:53+0000

$12.40 is the answer

We have 4 months and 12 percent so 4/12 is 1/3, then you divide 12% by 3 and you get 4% 4% is .04 and .04 and then .04 times 310 is 12.4 or 12.30

Liora · Answer 2 · 2021-06-25T13:23:14+0000

Answer:12.4

Explanation:

Simple interest=(principal×rate×time)÷100

Simple interest=(310×12×4/12)÷100

Simple interest=1240÷100

Simple interest=12.4