Math- Interest Rates

Yvonne put $4,000 in a savings account. At the end of 3 years, the account had earned $960 in simple interest.

A. how much does she have in her account at the end of 3 years?

B. at what annual simple interest rate did the account grow?

c. how many more dollars would she have in her account if the interest rate were 1% greater?

I think the answer to A is $4,960 For the other two, I really need help. I honestly do not get it at all and I really need someone to explain it to me in very simple steps please.

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  1. Interest = principal times rate times time

    960 = 4,000 * r * 3
    960 = 12,000r

    Solve for r.

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    👩‍🏫
    Ms. Sue
  2. What is the principle? I don't remember.

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  3. Assuming this is a simple interest and not a compound interest problem, we are missing the rate
    a)
    so she has $4960

    b)
    since I = PRT
    960 = 4000(R)(3)
    R = .08 so 8% interest

    c) if the rate had been 9%
    amount = 4000 + 4000(.09)(3) = 5080

    So how much more ???

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  4. Give me a second to think...

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  5. Is the rate 8%??

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  6. Yes, 8%

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    Ms. Sue
  7. I think I can figure out the rest. Thank you!

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  8. You're welcome.

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    Ms. Sue
  9. thank

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  10. thanks
    💯❤

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