A new house costs $260000. sara wants to buy the house and needs $35560 for a down payment. sara currently has $28000 in a savings account that earns 9% simple interest. how long must she keep the money in the savings account in order to have enough for the down payment on the house

Question

Mathematics

Jameson Becker

23 March, 11:04

A new house costs $260000. sara wants to buy the house and needs $35560 for a down payment. sara currently has $28000 in a savings account that earns 9% simple interest. how long must she keep the money in the savings account in order to have enough for the down payment on the house

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Answers (2)

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Cara Stark · Answer 1

XWhich statement is true for the circumcenter of a right triangle? Which statement is true for the circumcenter of a right triangle?

Maliyah Duffy · Answer 2

The formula for the value (A) of such an account with principal value P is ...

... A = P + P·r·t

where r is the interest rate and t is the number of years.

Filling in the given numbers, you have

... 35560 = 28000 + 28000·0.09·t

Subtracting 28000 and dividing by the coefficient of t, you have

... 7560/2520 = t = 3

Sara must keep the money in the account for 3 years to earn enough for a down payment.