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.
6 answers
(10 * 12) / 2000 = 0.06 = 6%
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.
You are very welcome. :-)
Is there any you can help us with either of the other 2 problems I posted about interest?
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.
Where do you get 12 from?
2 answers