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3 years ago

Interest due on 1200 at 8% for 240 days

Mathematics

2 answers:

Mumz [18]3 years ago

7 0

Answer:

The interest would be $0.4

Step-by-step explanation:

kompoz [17]3 years ago

5 0

Let us use 360 days for the 1-year term.

principal = 1,200

interest rate = 8% unless otherwise stated, this rate is per annum or annual rate.

term = 240 days

Simple Interest = Principal * interest rate * term

S.I = 1,200 * 8% * 240/360

S.I = 1,200 * 0.08 * 0.667

S.I = 64.032 rounded off to 64

The interest due 1200 at 8% rate is 64 in 240 days.

Hope that helps and feel free to ask me more questions :)

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