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Back to 3.2 Solve Percent Applications

3.2 Exercise 34

Avg difficulty 2.5

Loren loaned his brother $3,000 to help him buy a car. In 4 years his brother paid him back the $3,000 plus $660 in interest. What was the rate of interest?

I=$660P=$3,000r=?t=4years\begin{aligned}I & = & $660 \\ P & = & $3,000 \\ r & = & ? \\ t & = & 4 \text{years}\end{aligned}

OpenStax Elementary Algebra 2e, 3.2 Solve Percent Applications, exercise 34

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Adapted from Elementary Algebra 2e © 2020 Rice University. Licensed under CC BY 4.0. Source: Elementary Algebra 2e. Imported at revision 77a933c.