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Popular Word Problems >

April wants to borrow 600 from her father and is willing to pay 10 in interest. Her father wants to charge an interest rate of 4%. How long can April keep the money?

Solution

A p r i l w an t s t o b orro w 600 f ro m h er f a t h er an d i s w i ll in g t o p a y 10 in in t eres t . Her f a t h er w an t s t o c ha r g e an in t eres t r a t e o f 4%. Ho w l o n g c an A p r i l k ee p t h e m o n ey ?

Solution

Time : 0.42

Solution steps

Translate the problem into an equation:

10 = 600 \cdot 0.04 t

Solve for

t, 10 = 600 \cdot 0.04 t : t = 0.42

Time : 0.42

Popular Examples

9 years ago, Daniel won some money in the lottery and put it in a bank account that earns 14% interest compounded monthly. If Daniel currently has 700.00 in the bank account, how much interest has he earned?You deposit 500 in an account that pays 2.5% annual interest. Find the balance after 2 years when the interest is compounded daily. Round your answer to the nearest cent.if a man has 70 and gives 60 to a friend how much will be left find the simple interest on 500 at 8% for 2 years Yusuf is going to invest in an account paying an interest rate of 6.5% compounded quarterly. How much would Yusuf need to invest, to the nearest ten dollars, for the value of the account to reach 1,330 in 6 years?