Question

if i put 1500 into my savings account and earned 180.00 of interest at 4% simple interest, how long was my money in the bank

Answer 1

4% of $1500 is 0.04 x 1500
= 60

So each month, $60 interest is saved

180 ÷ 60 is 3, so therefore the money was in the bank for 3 months.