Compute the exact interest on $5,870 at 12% if the money is borrowed from june to december of the same year.

The exact interest on $5,870 at 12% is $58.70.

Step-by-step explanation:

Given information:

Principal = $5870

Interest rate  = 12% = 0.12

Time = June-December = 7 months.

We know that

1 year = 12 months

1/12 year = 1 month

7/12 year = 7 month

Time = 7/12 year

Formula for simple interest:

where, P is principal, r is rate of interest and t is time in years.

Substitute P=5870, r=0.12 and t=7/12 in the above formula.

Therefore the exact interest on $5,870 at 12% is $58.70.

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step-by-step explanation:

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