Question

What is the simple interest on $240 for 8 months at 5 1/2% per annum?

Answer 1

REFER TO THIS ATTACHMENT FOR YOUR ANSWER

Answer 2

Step-by-step explanation:

principal = $240

Time = 8 months = 8/12

Rate of interest = 5 1/12

= 5 1/12 /100

= 61 /12 /100

= 61/12 × 1/100

= 61/1200

Interest = P×T×R / 100

= 240 × 8 × 61 / 12 × 1200

=$ 8.13

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