Question

Leo paid $2400 in interest on an amount borrowed for 10 years at a 4% annual simple interest rate.

How much did Leo borrow?

Answer 1

Do you know how to find 4% percent of 2400?

Answer 2

no

Answer 3

Okay thats fine

4% = 0.04

multiply 2400 x 0.04 for me

Answer 4

whatcha get

Answer 5

96

Answer 6

u still typing?

Answer 7

Sorry, I read the question wrong! 2400 WAS the interest!

MEANING 2400 was the percentage!

Answer 8

o ok

Answer 9

That means after 10 years he owed $2400 hundred dollars

2400 dollars divided by 10 years = $240

$240 = The 4% interest rate.

Answer 10

That means after 10 years he owed $2400 dollars

Answer 11

thx

Answer 12

thats it? to the problem

Answer 13

We still don't know how much he borrowed

Answer 14

ok

Answer 15

If 240 = 4%, $240 plus 100% would be how much he owed.

Hmm,

Answer 16

$480

Answer 17

that would be 8%

Answer 18

so $240

Answer 19

600% = 10%

6000 = 100%

We got it!!! Woohoo!!!

Answer 20

so it is $240

Answer 21

http://quizzes.cc/metric/percentof.php?percent=4&of=6000


Look!

Answer 22

He borrowed 6000 dollars

Answer 23

240 was the interest rate

Answer 24

o cool

Answer 25

thx

Answer 26

yep :)