SOLUTION: A savings account of $3500 is left for 9 months and draws simple interest at a rate of 7%. How much interest is earned? What is the balance in the account at the end of the 9 month

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Question 1151750: A savings account of $3500 is left for 9 months and draws simple interest at a rate of 7%. How much interest is earned? What is the balance in the account at the end of the 9 months?
Found 2 solutions by MathLover1, MathTherapy:
Answer by MathLover1(20849)   (Show Source): You can put this solution on YOUR website!

use equation:
where savings amount and % is rate of interest per year, and is number of years
given:%
First, converting percent to a decimal:
per year.
Putting time into years for simplicity,

Solving our equation:

= $
The total amount accrued, principal plus interest, from simple interest on a principal of $ at a rate of % per year for years ( months) is $.





Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

A savings account of $3500 is left for 9 months and draws simple interest at a rate of 7%. How much interest is earned? What is the balance in the account at the end of the 9 months?
Simple interest, or 

Add this to $3,500 to determine the account balance after 9 months. 

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