When calculating simple interest and the time is expressed in months, you must multiply the number of months by 12.

Question

When calculating simple interest and the time is expressed in months, you must multiply the number of months by 12.​

Quizplus · Accepted Answer

When calculating simple interest and the time is expressed in months, you must divide the number of months by 12 to convert it into years, as the formula for simple interest is $I = PRT$ (where $I$ is interest, $P$ is principal, $R$ is the rate per annum, and $T$ is the time in years).

When Calculating Simple Interest and the Time Is Expressed in Months