Question

Kayleigh wants to buy a car that costs $13,080.00. She deposits $12,000.00 into a savings account that earns 3% simple interest. How long must Kayleigh leave the money in the savings account to be able to buy the car

Answer 1

The formula is
A=p (1+rt)
A cost of the car 13080
P amount deposited 12000
R interest rate 0.03
T time?
Solve for t
T=[(A/p)-1]÷r
T=((13,080÷12,000)−1)÷0.03
T=3 years