In what is called the 60-Day Method, 360 days are considered one year,
and 30 days one month. Upon this basis the interest for 60 days, or two
months, at any rate, will be 1/6 of the interest for one year; and when
the rate is 6% the interest for 60 days is one per cent or 1/100 of the
principal. Thus, the interest of $247 for 60 days at 6% is $2.47.
EXAMPLE: Find the interest of $1728 for 80 days at 6%.