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Popular Word Problems >

Tisha deposited 60,000 in a savings account with simple interest. Two years later, she had earned 4,800 in interest. What was the interest rate?

Solution

T i s ha d e p os i t e d 60, 000 in a s a v in g s a cco u n t w i t h s im pl e in t eres t . Tw o ye a rs l a t er, s h e ha d e a r n e d 4, 800 in in t eres t . Wha t w a s t h e in t eres t r a t e ?

Solution

Rate : 4%

Solution steps

Translate the problem into an equation:

4800 = 60000 r \cdot 2

Solve for

r, 4800 = 60000 r \cdot 2 : r = 4%

Rate : 4%

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