Sodium inc borrowed 280000in April 1the note requires interest at 12% and principal to be paid in one year, how much interest is recognized for the period from April 1 to December 31?

Given:

Principal = 280,000

Rate of interest = 12% per annum.

Time period is from April 1 to December 31.

To find:

The interest recognized for the period from April 1 to December 31.

Solution:

Time period from April 1 to December 31 is 9 months.

12 months = 1 year

1 month = year

9 month = year

So,

Formula for interest is

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

Therefore, the the interest is 25,200.

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step-by-step explanation: