Question

I will give brainiest to whoever answers correctly !!

Answer 1

Answer:

Interest rate, R = 244%

Step-by-step explanation:

Given the following data;

Principal = $270

Simple interest = future amount - principal = 309.60 - 270 = $39.60

Time = 22/360 = 0.06 years

To find the interest rate?

Mathematically, simple interest is calculated using this formula;

$S.I = \frac {PRT}{100}$

Where;

• S.I is simple interest.

• P is the principal.

• R is the interest rate.

• T is the time.

Substituting into the equation, we have;

$39.60 = \frac {270*R*0.06}{100}$

Cross-multiplying, we have;

$39.6 * 100 = 16.2*R$

$3960 = 16.2R$

$R = \frac {3960}{16.2}$

Interest rate, R = 244.44 ≈ 244%

Therefore, the pawnbroker charged Elisa a simple interest rate of 244%.