Answer:
Rate of 1% per month
Step-by-step explanation:
If John invested $6,700 and earned $335 in interest in 5 months we can calculate the interest rate with the following equation. In which R is the interest rate
[tex]6,700 * R = 335[/tex]
[tex]R = 335/6,700[/tex]
[tex]R = 0.05[/tex]
We then multiply 0.05*100 = 5%. Since the 5% is the interest rate for a 5 month time period we can divide that by 5 months to find the monthly interest rate
5% / 5months = 1% per month
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