Question

Please answer

A new house costs $345,000.00. Maria wants to buy the house and needs $17,360.00 for a down payment. Maria currently has $14,000.00 in a savings account that earns 8% simple interest. How long must she keep the money in the savings account in order to have enough for the down payment on the house?
A. 3 months

B. 3 years

C. 16 years

D. 295.5 years

Answer 1

the answer is 3 years

Explanation:

$14,000×.08= $1120 is the amount of intrest it earns over on year

3 year × $1120 = $3360 which is the total intrest over three years

$14,000+$3360= $17360 which is your down payment.

Answer 2

C. should be the answer.