Cash Management - Overdraft Question

Hi All,
I have a question regarding overdraft facilities please can somebody explain how to get the answer:
"The bank is also offering a overdraft facility of £19500 which attracts an annual interest rate of 12%. The partners believe that they will require an average overdraft of £16,000 for 8 months of the first year"
Answer = £1280
How do I get to this answer?
Many thanks!
I have a question regarding overdraft facilities please can somebody explain how to get the answer:
"The bank is also offering a overdraft facility of £19500 which attracts an annual interest rate of 12%. The partners believe that they will require an average overdraft of £16,000 for 8 months of the first year"
Answer = £1280
How do I get to this answer?
Many thanks!
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