Question

PLEASE HELP ME!!!!!!!!!!!!!!!!!!!!!!!




Zach borrowed 4,000 from his grandfather to buy a used car so he could travel to and from work. After working for 2 years, he has saved 4,720 to pay back to his grandfather. At what interest rate did Zach borrow the money?

Answer 1

Interest = Amount Paid back - Amount Borrowed = 4720 - 4000 = 720

Interest = Principle*Rate*Time

I = Prt

720 = 4000*r*2

720 = 8000r

720/8000 = r

0.09 = r

r = 0.09

So the interest rate was 9%

Answer 2

THANKS!!!!!!!!!!

Answer 3

you're welcome