Question

Zach borrowed four thousand dollars from his grandfather to buy a used car so he could travel to and from work. After working for 3 years, he has saved five thousand nine hundred twenty dollars to pay back to his grandfather. At what interest rate did Zach borrow the money?

Answer 1

I wish I could have that amount of money..lol!!!

Answer 2

11%

16%

23%

32%

Answer 3

yeah , :)

Answer 4

now principal amount=P=4000
rate of interest per annum=R=?
t=no. of years borrowed for=3

now he is paying an interest of "I'=total final amount-borrowed principal= 1900

now I=(P x R x t)/100

1900=(4000x R x 3)/100
solve, you should get the rate of interest per annum. multiply by 100 to get interest %age.