Question

Find the interest due on $1,200 at 8% for 240 days. (Remember that for bank interest purposes, a year is considered to have 360 days.)

Answer 1

I=1200*0.08*240/360
I==64

Answer 2

Answer:  Interest is due is $64.

Step-by-step explanation:

Since we have give that

Principal = $1200

Rate of interest = 8%

Number of days = 240

As we know the formula for "Simple Interest":

$Interest=\dfrac{P\times r\times t}{100}\\\\Interest=\dfrac{1200\times 8\times 240}{360\times 100}\\\\Interest=\ 64$

Hence, Interest is due is $64.