Posted by rawr... im a dinosaur.... rawr on Thursday, October 18, 2012 at 5:12pm.
You invest $275.00 in a moneymarket account that pays simple interest at a rate of 10%. How long must you leave your investment in the moneymarket account if you expect to earn $27.50 in interest?
A year? How do I work it?

Algebra Grade 7  Ms. Sue, Thursday, October 18, 2012 at 5:14pm
275 * 0.1 = $27.50
One year

Algebra Grade 7  rawr... im a dinosaur.... rawr, Thursday, October 18, 2012 at 5:17pm
What about this one?
A new house costs $160,000.00. Sara wants to buy the house and needs $1,534.00 for a down payment. If Sara currently has $1,300.00 in a savings account paying simple interest at a rate of 3%, how long must she keep the money in the savings account in order to have enough for the down payment on the house?

Algebra Grade 7  Ms. Sue, Thursday, October 18, 2012 at 5:28pm
1,534  1,300 = $234 she needs
1,300 * 0.03 = 39
234 / 39 = 6 years

Algebra Grade 7  rawr... im a dinosaur.... rawr, Thursday, October 18, 2012 at 5:30pm
Thank you Ms. Sue, I really appreciate your help.... :)

Algebra Grade 7  Ms. Sue, Thursday, October 18, 2012 at 5:31pm
You're very welcome, Rawr!

Algebra Grade 7  Anonymous, Tuesday, December 10, 2013 at 10:08am
A new house costs $160,000.00. Sara wants to buy the house and needs $1,534.00 for a down payment. If Sara currently has $1,300.00 in a savings account paying simple interest at a rate of 3%, how long must she keep the money in the savings account in order to have enough for the down payment on the house?
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