Find the interest on rate 1200 at 6% per annum for 146 days please explain
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Interest rate 6% means interest on 100 for 1 year is 6
Therefore,
Interest on 100 for 1year =6
interest on 1 for 1 year = 6/100
interest on 1200 for 1 year = 6/100*1200
1 year =365 days, therefore
interest on 1200 for 365 days(1year) = 6/100*1200
interest on 1200 for 1 day = 6/100*1200/365
interest on 146 days = 6/100*1200/365*146 =28.8
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