document.write( "Question 1032549: Sara wants to buy a house and needs $35,560 for a down payment. She currently has $28,000 in a savings account that earns 9% simple interest. How long must Sara keep the money in the savings account in order to have enough for the down payment on the house? \n" ); document.write( "

Algebra.Com's Answer #647256 by MathTherapy(10552) $\"\"$ $\"About$

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Sara wants to buy a house and needs $35,560 for a down payment. She currently has $28,000 in a savings account that earns 9% simple interest. How long must Sara keep the money in the savings account in order to have enough for the down payment on the house?
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SI = PTR
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document.write( "7,560 = 28,000 * T * .09
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document.write( "7,560 = 2,520T
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document.write( "T, or time = 
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document.write( "If the interest that’s earned each year is WITHDRAWN EVERY YEAR, right after being added to the account, then it’d be 3 years, since
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document.write( "at all times, only the $28,000 would be earning interest. Otherwise, it'd be COMPOUNDED, and time would be shorter, at 2.77 years. \r
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document.write( "Who formulates these problems? \n" );
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