Asked by Dana

Gabe placed $2000 in a certificate of deposit. He earned $10 in interest each month for the next 36 months. Find the annual simple interest rate for his certificate of deposit.

Answers

Answered by Ms. Sue
(10 * 12) / 2000 = 0.06 = 6%

Answered by Dana
Ms. Sue - Thank you so much! I'm a 3rd grade teacher/mom who has NO CLUE what to do in 7th grade pre-algebra! My son says thank you for verifying his answer and thought process.
Answered by Ms. Sue
You are very welcome. :-)
Answered by Dana
Is there any you can help us with either of the other 2 problems I posted about interest?
Answered by Ms. Sue
I'm not sure about those. I was a middle school social studies and English teacher. But a math tutor will probably answer your other questions.
Answered by Maya
Where do you get 12 from?
There are no AI answers yet. The ability to request AI answers is coming soon!

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