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?

8%
9%
15%
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?

8%
9%
15%
42%

anonymous · Answer

Do you know the formula for interest calculation?  You have your initial amount, final amount, and term, so you just need to calculate for the interest rate.

anonymous · Answer

take original ammout multiplied by initial +interest * 2 years

faman39 · Answer

No nick, can you help me with another i found this one

anonymous · Answer

sure