Question

jalen deposits $6400 in a savings account at his bank. when he withdraws the momey 8 momths later, he receives a check for $6453.33. Assume simple interest and find the rate of interest paod bybthe bank.

Answer 1

Interest = amount received - amount deposited in saving account

Interest = $6453.33 - $6400 = $53.33

Simple interest = Amount deposited * r% * (months/12)

$53.33 = $6400 * r% *(8/12)

r% = 1.25%