Question

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

Answer 1

Answer:

Interest= $ 18.73

Step-by-step explanation:

Given : $600 at 9.5% for 120 days

To find : Find the interest due

Solution :

Simple interest formula  $I=P\times r\times t$

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

In years, 1 year = 365 days

1 day = $\frac{1}{365}$ year

120 days = $\frac{120}{365}$ year

Put values in the formula

$I=P\times r\times t$

$I=600\times 0.095\times\frac{120}{365}$

 $I=\frac{6840}{365}=18.73$

Therefore, Interest= $ 18.73

Answer 2

$18.74 is the interest due on $600 for 120 days.