Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?

Question

Mathematics

Jazmine Bauer

14 September, 16:14

Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?

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Answers (1)

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Tiara Mccall · Answer 1

Comparing the cost of the car to the deposit, $3,168.00 the amount required to be added to the deposit

$3,168 is the interest

rate = 8%

time = T

principal = 6,600.00

I = (PRT) / 100

T = 100 I/PR

= (100*3168) / (6600*8)

= 6

She should leave the money for six years.