Sam Earned $650 on an Investment Deposited at an Interest

question 7

Short Answer

Sam earned $650 on an investment deposited at an interest rate of 3.25% for 30 months. How much was the original investment?

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Definitions:

Unsecured Party

A lender or creditor who provides credit without obtaining specific collateral as security for the loan.

Credit Card

A plastic card issued by a financial institution that allows the holder to borrow funds to pay for goods and services.

Repayment

The act of paying back money that was borrowed from a lender.

Homestead Exemption

A law permitting a debtor to retain the family home, either in its entirety or up to a specified dollar amount, free from the claims of unsecured creditors or trustees in bankruptcy.