Question

To borrow money, you pawn your guitar Based on the value of the guitar, the pawnbroker loans you 5840 One month later, you get the guitar back by paying the pawnbroker $1272 What annual interest rate did you pay?You will pay a simple interest rate of %(Round to the nearest whole number as needed)

Answer 1

1272 = 5840 x r x 1

r = 1272 / 5840

r = 0.22

r = 22%

Interest rate = 22 %