1. **State the problem:** Gil borrows 8000 and will pay back 10280 after 6 years. We need to check if the interest rate is at least 5%. 2. **Formula used:** For simple interest, the total amount $A$ is given by $$A = P(1 + rt)$$ where $P$ is principal, $r$ is annual interest rate, and $t$ is time in years. 3. **Calculate the implied interest rate:** Given $A=10280$, $P=8000$, and $t=6$, solve for $r$: $$10280 = 8000(1 + 6r)$$ 4. **Isolate $r$:** $$\frac{10280}{8000} = 1 + 6r$$ $$1.285 = 1 + 6r$$ 5. **Subtract 1 from both sides:** $$1.285 - 1 = 6r$$ $$0.285 = 6r$$ 6. **Divide both sides by 6:** $$\cancel{\frac{0.285}{6}} = \cancel{\frac{6r}{6}}$$ $$r = 0.0475$$ 7. **Interpretation:** The interest rate $r$ is 0.0475 or 4.75%, which is less than 5%. **Final answer:** Gil is not correct; the interest rate is approximately 4.75%, which is less than 5%.