Silvia wants to buy a car that costs $9,768.00. She deposits $6,600.00 into a savings account that pays simple interest at a rate of 8%. How long must Silvia leave the money in the savings account to be able to buy the car?
Comparing the cost of the car to the deposit, $3,168.00 the amount required to be added to the deposit $3,168 is the interest rate = 8% time = T principal = 6,600.00 I = ( PRT)/100 T = 100 I/PR =(100*3168)/(6600*8) = 6 She should leave the money for six years.
