Question

Jonah invests $400in a bank account that pays 3.5% simple interst per year. At the end of each year Jonah spends 3/5 of the interest and gives the rest to his brother. How much money does Jonah give to his brother each year?

Answer 1

Answer:

$5.60

Step-by-step explanation:

interest = 3.5% = 3.5 ÷ 100 = 0.035

So 3.5% of $400 = 0.035 x 400 = $14

If Jonah spend 3/5 of the interest, then he gives his brother 2/5 of the interest each year.

2/5 of $14 = 2/5 x 14 = $5.60