Dom josin is paid 18 as a pastry chef for regular 35hours week over rate is 1.5 times regular hourly rate he work 5 overtime hou
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Answer:
1740%.
Step-by-step explanation:
We have been given that the pawnbroker loans you $600. One month later, you get the guitar back by paying the pawnbroker $1470.
We will use simple interest formula to solve our given problem.
, where,
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
t = Time in years.
1 month = 1/12 year
Since our interest rate is in decimal form, so we will convert it into percentage by multiplying by 100 as:
Therefore, you paid an annual interest rate of 1740%.