Find the interest due on $800 at 12% for 120 days.
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To find the interest due on $800 at 12% for 120 days, we can use the simple interest formula:
Interest = Principal x Rate x Time
Here, the principal is $800, the rate is 12% (or 0.12 as a decimal), and the time is 120 days (or 120/365 as a fraction if we want the answer in terms of years).
Substituting these values into the formula, we have:
Interest = $800 x 0.12 x (120/365)
Calculating this expression will give us the interest due on the $800 loan.