Question

Find the interest due on $1,200 at 8% for 240 days.

Answer 1

how many days are in a year?

Answer 2

since an interest rate is usually presented as a yearly value; the adjusted interest rate for 'per day' is needed to fill in the simple interest formula

Answer 3

if we assume 30 days a months, then 8 months fits and we can adjust the interest rate for a monthly time period. but i would stick to days .....