Question

Bob has saved $535 each month for the last 3 years to make a down payment on a house. The account earned an interest rate of .34 percent per month. How much money is in Bob's account?

Answer 1

The account has $18,795.02.

Explanation:

The account has $18,795.02.

3 years * $535 = $1,605

$1,605 * .0034 = $5.481

$5.481 * 36 (months) = $197.146

$18,795.02 = $1,605 + $197.146