What is the elapsed time start 10:10 pm end 10:45?
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Answer: Josh borrowed $ 876 to buy the computer.
Step-by-step explanation:
Formula for simple interest : I = Prt
, where P = principal amount
r= rate of interest ( in decimal)
t=time (in years)
Total amount with simple interest to pay : A = P+I
⇒ A = P +Prt
⇒ A = P(1 +rt) (i)
As per given , A = $1,244.34
r= 12.4% = 0.124
t= 3 years
Now, put these values in (i) , we get
Hence, Josh borrowed $ 876 to buy the computer.
notice, it was pawned for only 1 month, so the "yearly" rate is for 1 month, which is 1/12 of the year, since a year has 12 moths
you'll get a rate in decimal terms, to get the % amount, just multiply it times 100