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If $2000 is deposited into an account paying simple interest of 6% per year on a monthly basis, in how many months will this account increase by $90? A. 22 B. 15 C. 9 D. 4
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If $2000 is deposited into an account paying simple interest of 6% per year on a monthly basis, in how many months will this account increase by $90?

A. 22
B. 15
C. 9
D. 4

User Armatorix
by
4.8k points

1 Answer

4 votes
C. The monthly rate is 6pct/12 = 0.5 pct which gives 10$ each month.
User NGaffney
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