Question

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

Answer 1

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

Answer 2

Interest= $ 18.73

Explanation:

Given : $600 at 9.5% for 120 days

To find : Find the interest due

Solution :

Simple interest formula
`I=P* r* t`

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

In years, 1 year = 365 days

1 day =
`(1)/(365)` year

120 days =
`(120)/(365)` year

Put values in the formula

`I=P* r* t`

`I=600* 0.095*(120)/(365)`

`I=(6840)/(365)=18.73`

Therefore, Interest= $ 18.73