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
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> 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
Log On
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 $.
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.
