Question

To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $600. One

month later, you get the guitar back by paying the pawnbroker $1170. 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

51% (596.7) or 52% (608.4)

Explanation:

1170 multiply by 51% or 52% and you will get as close as you can to 600. I hope this can help. I am sorry If I got it wrong or misunderstood. :) Have a nice day!