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Popular Word Problems >

jane recieved\$875 from her grandma party. she put the money in a bank with a 4% simple interest rate. how much interest will she have earned after 7 years?

Solution

jan e rec i e v e d $875 f ro m h er g r an d ma p a r t y . s h e p u t t h e m o n ey in a bank w i t h a 4% s im pl e in t eres t r a t e . h o w m u c h in t eres t w i ll s h e ha v e e a r n e d a f t er 7 ye a rs ?

Solution

Interest : 245

Solution steps

Translate the problem into an equation:

I = 875 \cdot 0.04 \cdot 7

Simplify

I = 875 \cdot 0.04 \cdot 7

Interest : 245

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