Gil borrows $8,000 for college expenses. he will pay a total of $10,280 after 6 years. gil says the interest rate is at least 5%. is he correct?

Gil is not correct.    

Step-by-step explanation:

We have been given that Gil borrows $8,000 for college expenses. He will pay a total of $10,280 after 6 years. Gil says the interest rate is at least 5%.

We will use simple interest formula to check whether Gil is right or not.

, where

A= Final amount after t years.

P= Principal amount.

r= Interest rate in decimal form.

Let us substitute our given values in above formula to find the interest rate.

Since r is in decimal form, so let us convert interest rate in percent by multiplying by 100.

Therefore, the original interest rate is 4.75% which is less than 5%, so Gil is not correct.  

7/2

(decimal: 3.5)

welcome ; )

step-by-step explanation: