Question

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

Answer 1

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

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.