Question

Find the interest due on 1200 at 8% for 240 days.

Answer 1

Let us use 360 days for the 1 year term.
principal = 1,200interest rate = 8% unless otherwise stated, this rate is per annum or annual rate.term = 240 days
Simple Interest = Principal * interest rate * termS.I = 1,200 * 8% * 240/360S.I = 1,200 * 0.08 * 0.667S.I = 64.032 rounded off to 64