Charles will pay an exact interest of Php 289.32.
Data and Calculations:
Loan = Php 12,000
Simple interest rate = 8%
Date of loan = June 10, 2014
Repayment date = September 29, 2014
Period of loan = 110 days (June 10, 2014 - September 29, 2014)
Interest on the loan = Php 12,000 x 8% x 110/365
= Php 289.32
Thus, the exact amount of interest to be paid is Php 289.32.
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