Find the simple interest on 5,000 at 8 p.c.p.a. for 219 days. (A) 320 (B) 240 (C) 160 (D) 80 ​

Question

Find the simple interest on 5,000 at 8 p.c.p.a. for 219 days.
(A) 320 (B) 240
(C) 160 (D) 80
​

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Bơ 5 years 2021-07-26T02:30:05+00:00 1 Answers 30 views 0

Answers ( )

  1. Nick
    0
    2021-07-26T02:31:48+00:00
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    Answer:

    B

    Step-by-step explanation:

    Average Number of days in year = [(3×365)+ 366]÷4

    = 365.25 days per year

    If there are 365.25 days in a year,

    1 day will be 1/365.25 of a year

    Therefore, 219 days will be

    219/365.25 of a year

    Simple Interest = Principal × Interest Rate× Time

    = (5000 × 8 × 219)÷(100×365.25)

    = 240

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