Register

Pete borrowed $400 for one year. He paid back a total of $440. What was the interest rate per year?

Pete borrowed $400 for one year. He paid back a total of $440. What was the interest rate per year?
asked 228k views
0 votes
Pete borrowed $400 for one year. He paid back a total of $440. What was the interest rate per year?

asked
User Imbrizi
by
8.3k points

1 Answer

4 votes
the interest rate per year is 10% because he had to pay back 40 more than he borrowed.

440-400=40
40 is 10% of 400 which is what he borrowed.
400 divided by 10 = 40
answered
User Ronnie
by
7.9k points
← Prev Question Next Question →

Related questions

User TinaW
asked Sep 25, 2020 14.7k views
Pete borrowed $400 for 1 year. He paid back a total of $440. What was the interest rate per year?
TinaW asked Sep 25, 2020
by TinaW
8.0k points
2 answers
2 votes
14.7k views
User Jhawes
asked Feb 16, 2020 52.4k views
Pete borrowed $400 for 1 year. He paid back a total of $440. What was the interest rate per year?
Jhawes asked Feb 16, 2020
by Jhawes
7.7k points
1 answer
1 vote
52.4k views
Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
What is .725 as a fraction
How do you estimate of 4 5/8 X 1/3
Link Copied!