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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
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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?

User Sam Harwell
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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.
User Reda
by
7.5k points
2 votes

The annual rate interest: r = 640.2%

User Ersel Er
by
8.8k points
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