Posted by rawr... im a dinosaur.... rawr on Thursday, October 18, 2012 at 5:12pm.
275 * 0.1 = $27.50
One year
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?
1,534 - 1,300 = $234 she needs
1,300 * 0.03 = 39
234 / 39 = 6 years
Thank you Ms. Sue, I really appreciate your help.... :-)
You're very welcome, Rawr!
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