Find the interest due on $800 at 12% for 120 days.

Solution:

The formula for simple interest is given by:

SI = (P × R × T)/100

Where

P = principal = $800

R = Rate of Interest per annum = 12%

T = 120/360 = 1/3 years [Assuming 360 days in a year]

SI = (800 × 12 × 1/3)/100

SI = 8 × 12 × 1/3 = $32

Find the interest due on $800 at 12% for 120 days

Summary:

The interest due on $800 at 12% for 120 days is $32