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bongo had a balance of $345.28 in his checking account. During the week amounts: $65.08, $24.50, and $118.95. He then made a dep
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Answer:
The exact interest on $5,870 at 12% is $410.9
Step-by-step explanation:
From the information provided we know that
Principal amount: $5,870
Interest rate: 12% -> 0.12
Time: 7 months (From June to December)
When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:
where P is principal, r is the rate of interest and t is the time in years.
We need to convert the 7 months into 1 year.
Now we can use the above formula
Therefore the exact interest on $5,870 at 12% is $410.9