Kayleigh wants to buy a car that costs $13,080.00. She deposits $12,000.00 into a savings account that earns 3% simple interest. How long must Kayleigh leave the money in the savings account to be able to buy the car?
3 months
36 years
3 years
4.5 years

Question

Kayleigh wants to buy a car that costs $13,080.00. She deposits $12,000.00 into a savings account that earns 3% simple interest. How long must Kayleigh leave the money in the savings account to be able to buy the car?
	3 months
	36 years
	3 years
	4.5 years

anonymous · Answer

3 years

anonymous · Answer

If you subtract 12,000 from 13,080, you get 1,080.  You then divide this number by 3%, so 0.03.  This gives you 36,000.  Move the decimal three places to the left and you then have he answer of 36 months, which then converts to 3 years