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?
1 answer:
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
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