To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $1080. One month later, you get the guitar back by paying the pawnbroker $1472. What annual interest

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Dec 7, 2020 128k views

5 votes

To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $1080. One month later, you get the guitar back by paying the pawnbroker $1472. What annual interest rate did you pay?

Mathematics
high-school

Sam Harwell asked

by Sam Harwell

8.0k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

7 votes

The annual rate must 36% The guy didn’t wait a whole year to get his guitar back he waited a month.

Reda answered Dec 9, 2020

by Reda

7.5k points

0 Comments

Please log in or register to add a comment.

2 votes

The annual rate interest: r = 640.2%

Ersel Er answered Dec 11, 2020

by Ersel Er

8.8k points

0 Comments

Please log in or register to add a comment.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

0 Comments

Please log in or register to add a comment.

0 Comments

Please log in or register to add a comment.

Other Questions