Question
Find the simple interest rate of 120,000.00 for 5 months at 12%per annum
Answers
GPT 3.5
To find the simple interest for 5 months at 12% per annum on a principal amount of $120,000.00, we can use the formula:
Simple Interest = (Principal x Rate x Time) / 100
Where:
Principal = $120,000.00
Rate = 12% per annum = 12/100 = 0.12
Time = 5 months
Plugging in the values:
Simple Interest = (120,000 x 0.12 x 5) / 100
Simple Interest = (7,200) / 100
Simple Interest = $720.00
Therefore, the simple interest on $120,000.00 for 5 months at a rate of 12% per annum is $720.00.
Simple Interest = (Principal x Rate x Time) / 100
Where:
Principal = $120,000.00
Rate = 12% per annum = 12/100 = 0.12
Time = 5 months
Plugging in the values:
Simple Interest = (120,000 x 0.12 x 5) / 100
Simple Interest = (7,200) / 100
Simple Interest = $720.00
Therefore, the simple interest on $120,000.00 for 5 months at a rate of 12% per annum is $720.00.