You pawn a guitar and receive $880. One month later, you get the guitar back by paying $1250. If this is simple interest, then w

Question

FromTheMoon [43]

2 years ago

9

You pawn a guitar and receive $880. One month later, you get the guitar back by paying $1250. If this is simple interest, then w

hat annual interest rate did you pay?

Mathematics

1 answer:

Lemur [1.5K] · Answer 1 · 2022-02-08T19:31:01+03:00

Lemur [1.5K]2 years ago

6 0

Interest=1250-880=370
I=PRT
P=principal
r=rate in deicmal
t=time in years

1 month so t=1/12
P=880
I=370

370=880*r*1/12
370=220/3r
times both sides by 3
1110=220r
divdie both sides by 220
5.04545=r
505% interest