WILL MEDAL!!!
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?
A. 11%
B. 16%
C. 23%
D. 32%

Question

WILL MEDAL!!!
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?
A. 11%
B. 16%
C. 23%
D. 32%

anonymous · Answer

b

anonymous · Answer

Very quick response Nono266 - please explain that to her.  Thanks.  Also, we do not provide answers without explanations on this site - violation of honor codes and they are watching for that.  Happy studying

anonymous · Answer

I = p r t   <=> r = I/  p * t 
The difference amount between borrowed and paid back is the interest: 
           I = $5,920 - $4,000 = $1,920
=> Interest rate: r = 1,920 / 4,000 * 3 = .16 = 16%

anonymous · Answer

sure thing @JuanitaM