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 $410.9

Step-by-step explanation:

From the information provided we know that

Principal amount: $5,870

Interest rate: 12% -> 0.12

Time: 7 months (From June to December)

When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:

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

We need to convert the 7 months into 1 year.

Now we can use the above formula

Therefore the exact interest on $5,870 at 12% is $410.9