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2 January, 12:00

Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?

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  1. 2 January, 14:40
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    Comparing the cost of the car to the deposit, $3,168.00 the amount required to be added to the deposit

    $3,168 is the interest

    rate = 8%

    time = T

    principal = 6,600.00

    I = (PRT) / 100

    T = 100 I/PR

    = (100*3168) / (6600*8)

    = 6

    She should leave the money for six years.
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