Question

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?

Answer 1

`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\$1472\\ P=\textit{original amount}\to& \$1080\\ r=rate\\ t=years\to &(1)/(12) \end{cases} \\\\\\ 1472=1080\left(1+r\cdot (1)/(12)\right)`

notice, it was pawned for only 1 month, so the "yearly" rate is for 1 month, which is 1/12 of the year, since a year has 12 moths

you'll get a rate in decimal terms, to get the % amount, just multiply it times 100