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Popular Word Problems >

Lucia deposited 8,000 in a savings account with simple interest. Five years later, she had earned 1,200 in interest. What was the interest rate?

Solution

Lu c ia d e p os i t e d 8, 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 . F i v e ye a rs l a t er, s h e ha d e a r n e d 1, 200 in in t eres t . Wha t w a s t h e in t eres t r a t e ?

Solution

Rate : 3%

Solution steps

Translate the problem into an equation:

1200 = 8000 r \cdot 5

Solve for

r, 1200 = 8000 r \cdot 5 : r = 3%

Rate : 3%

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