Algebra Grade 7

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You invest $275.00 in a money-market account that pays simple interest at a rate of 10%. How long must you leave your investment in the money-market account if you expect to earn $27.50 in interest?

A year? How do I work it?

  • Algebra Grade 7 -

    275 * 0.1 = $27.50

    One year

  • Algebra Grade 7 -

    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 -

    1,534 - 1,300 = $234 she needs

    1,300 * 0.03 = 39

    234 / 39 = 6 years

  • Algebra Grade 7 -

    Thank you Ms. Sue, I really appreciate your help.... :-)

  • Algebra Grade 7 -

    You're very welcome, Rawr!

  • Algebra Grade 7 -

    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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