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You saved 850$ from your summer job last summer. You put it in a account that earns simple interest each month. After 9 Months your account is worth 1,003$. What percent interest did you earn each month?

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  1. 1 May, 17:25
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    Interest earned=$1003-$850=$153

    Principal=$850

    Time=9 months

    Rate=Interest per month

    Use the formula to solve for interest: (Interest) = (Principal) * (Rate) * (Time)

    153 = 850 * R * 9

    Simplify.

    153 = 7650 * R

    Divide both sides by 7650.

    0.02 = Rate

    She earned 2% interest each month.
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