Asked by Mian Zahaib ahmed on Sep 22, 2024
In how many months will $6,000 earn interest of $2,700 at 15%?
A) 3 months
B) 36 months
C) 4 months
D) 60 months
E) 1 month
Earn Interest
The process by which money deposited in a savings account or investment grows over time due to the payment of interest.
Months
Units of time measurement that constitute roughly one-twelfth of a year, used in planning and tracking various financial activities.
Interest
The cost of borrowing money or the payment received for lending money, usually expressed as a percentage of the principal.
- Gain insight into and compute the interval necessary for investments to attain a designated value.
Learning Objectives
- Gain insight into and compute the interval necessary for investments to attain a designated value.