# 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.

1. 👍 0
2. 👎 0
3. 👁 698
1. Interest = principal times rate times time

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

Solve for r.

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue
2. What is the principle? I don't remember.

1. 👍 0
2. 👎 0
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 ???

1. 👍 1
2. 👎 0
4. Give me a second to think...

1. 👍 0
2. 👎 0
5. Is the rate 8%??

1. 👍 0
2. 👎 0
6. Yes, 8%

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue
7. I think I can figure out the rest. Thank you!

1. 👍 0
2. 👎 0
8. You're welcome.

1. 👍 0
2. 👎 0
👩‍🏫
Ms. Sue
9. thank

1. 👍 0
2. 👎 0
10. thanks
💯❤

1. 👍 0
2. 👎 0

## Similar Questions

1. ### math

Mr. Flores opened an account with a deposit of \$5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was \$6,500. What is the

2. ### Math help! Check my answers ASAP!

1. Which graph most likely describes the distance a person walks in a 24-hour period? (1 point) a. Graph IV** b. Graph II c. Graph I d. Graph III 2. A car traveling at 25 mi/h accelerates to 48 mi/h over the first 5 seconds. It

3. ### Math

Luis has \$150,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put \$3000/quarter into the

4. ### math

Shania deposited \$3,000 into a savings account that earns 6.5% simple interest. How much will Shania have in her savings account after 10 years?

1. ### math

suppose you deposit \$3000 in a savings account that pays interest in a a rate of 4%. if no money is added or withdrawn from the account, how much will be in the account after ten years.

2. ### algebra

The amount of money, in dollars, in a savings account after x years is given by M(x) = 10,000(1.03)x. What does the value 1.03 represent? A) The original deposit was \$103. B) There is a 3 percent increase in the savings account

Shelley Katz deposited \$30,000 in a savings account at 5% interest compounded semiannually. At the beginning of year 4, Shelley deposits an additional \$80,000 at 5% interest compounded semiannually. At the end of 6 years, what is

4. ### math

John took all his money out of his savings account. He spent \$50 on a radio and 3/5 of what remained on presents. Half of what was left he put back in his checking account, and the remaining \$35 he donated to charity. How much

1. ### Maths

A trader needs \$ 300,000to improve her business, she deposits \$ 110000 in her savings account at 5% per annum compound interest. She then adds \$ 50,000 to her savings at the end of each year. (a) Find her total savings after 3

2. ### Maths ,science

Bongiwe invests R12000 in a savings account at 6,5% per annum compound interest.Calculate how much there will be in the savings account after 5 years

3. ### math

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

4. ### MATH

Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. Yvonne put \$4,000 in a savings account. At the end of 3 years, the account had earned \$960 in simple interest. How much does