Answer:
Interest= $ 18.73
Step-by-step explanation:
Given : $600 at 9.5% for 120 days
To find : Find the interest due
Solution :
Simple interest formula [tex]I=P\times r\times t[/tex]
Principle(P)=$600 , rate(r)=9.5%=0.095 , time (t)= 120 days
In years, 1 year = 365 days
1 day = [tex]\frac{1}{365}[/tex] year
120 days = [tex]\frac{120}{365}[/tex] year
Put values in the formula
[tex]I=P\times r\times t[/tex]
[tex]I=600\times 0.095\times\frac{120}{365}[/tex]
[tex]I=\frac{6840}{365}=18.73[/tex]
Therefore, Interest= $ 18.73
