document.write( "Question 59909: Clara earned $360 in simple interest on a 12-month bank certificate of deposit. If the interest rate had been 3% higher, she would have earned the same amount of money by depositing $1,000 less. How much money did Clara deposit, and what was her interest rate? \n" ); document.write( "
Algebra.Com's Answer #41120 by stanbon(75887)\"\" \"About 
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Clara earned $360 in simple interest on a 12-month bank certificate of deposit. If the interest rate had been 3% higher, she would have earned the same amount of money by depositing $1,000 less. How much money did Clara deposit, and what was her interest rate?
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\n" ); document.write( "Interest=pricipal*rate*time
\n" ); document.write( "EQUATIONS:
\n" ); document.write( "1st: 360=Pr
\n" ); document.write( "2nd: 360=(P-1000)(1.03r)
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\n" ); document.write( "Solve 1st for r:
\n" ); document.write( "r=360/P
\n" ); document.write( "Substitute into 2nd to solve for P:
\n" ); document.write( "360=(P-1000)(1.03)(360/P)
\n" ); document.write( "360=(P-1000)(370/P)
\n" ); document.write( "360=370-370000/P
\n" ); document.write( "-10=-370000/P
\n" ); document.write( "P=$37,000 (amount of money she deposited)
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\n" ); document.write( "Substitute to find r:
\n" ); document.write( "r=360/37000
\n" ); document.write( "r=0.9% (her interest rate)
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\n" ); document.write( "Cheers,
\n" ); document.write( "Stan H. \n" ); document.write( "
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