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?

A-8%
B-9%
C-15%
D-42%

Question

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?

A-8%
B-9%
C-15%
D-42%

anonymous · Answer

K for this we would convert them into decimals and multiply that decimal by 4000. Then we would multiply it by 2, because he got interest for 2 years.
If we do B, we get (4000)(0.09)=360. Now we times this by 2 for the 2 years of interest and we get 720. 4000+720=4,720, so it's Answer B

anonymous · Answer

thanks a medal for you