SOLUTION: Fred bought a car for $5,600 and later sold it at 90% of the cost price. He spent $1,310 out of the amount received and invested the rest at 6% per annum simple interest. Calculate

Question 1133907: Fred bought a car for $5,600 and later sold it at 90% of the cost price. He spent $1,310 out of the amount received and invested the rest at 6% per annum simple interest. Calculate the interest earned in 3 years.
Found 4 solutions by Shin123, addingup, MathTherapy, greenestamps:
Answer by Shin123(626)   (Show Source): You can put this solution on YOUR website!
90% of $5,600 is $5,040.
6%*3730=223.80. 3730+(223.80*3),=$4401.40.
Answer by addingup(3677)   (Show Source): You can put this solution on YOUR website!
5,600*0.9 = 5,040
5,040*0.06*3 = 907.20 is the interest earned in 3 years
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

Fred bought a car for $5,600 and later sold it at 90% of the cost price. He spent $1,310 out of the amount received and invested the rest at 6% per annum simple interest. Calculate the interest earned in 3 years.

Correct answer:
IGNORE all other NONSENSICAL answers.
Answer by greenestamps(13200)   (Show Source): You can put this solution on YOUR website!

One response shows the total value of the investment, whereas the question only asked for the amount of interest.

Another response looks as if they are doing the right calculations; but they apparently hit some wrong keys on their calculator.

The third response shows the right answer, but without showing any work; so it is maybe of little use to you.

The right calculations are these:

$5600*0.90 = $5040 [he sold it for 90% of what he paid for it]
$5040-$1310 = $3730 [he spent $1310 of it]
$3730*0.06*3 = $671.40 [interest = principal (original amount) times rate (annual percentage) times time (years)]
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