Sasha saved $850 from her summer job last summer. She put it in an account that earns simple interest each month. After 9 months, her account is worth $1003. What percent interest did she earn each month? Homework Help ✎
Find the amount of money Sasha gained over the 9 months (the interest).
$1003 − $850 = $153
Use the equation I = Prt, where I is the interest, P is the principle (original amount she had), r is the rate (percent interest per month), and t is the time (number of months that have passed).
153 = (850) r (9) Solve for r.