A new house costs $160,000.00. Sara wants to buy the house and needs $1,534.00 for a down payment. If Sara currently has $1,300.00 in a savings account paying simple interest at a rate of 3%, how long must she keep the money in the savings account in order to have enough for the down payment on the house?

Question

anonymous · Answer

she should keep the money in the bank for 6 months then she would have gained 234$ in intrest giving her a total of $1534.... jus multiply 1300*.03*6=234