April wants to borrow 960 from her father and is willing to pay 12 in interest. Her father wants to charge an interest rate of 5%. How long can April keep the money?

Solution

Solution

Time : \frac{1}{4}

Solution steps

Translate the problem into an equation:

12 = 960 \cdot 0.05 t

Solve for

t, 12 = 960 \cdot 0.05 t : t = \frac{1}{4}

Time : \frac{1}{4}

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