John banks invested $6,700 in a mutual fund containing bonds. find the rate if he earned $335 in interest in 5 months. 12% 5.5% 1% 6%

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

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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