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iren2701 [21]
3 years ago
13

I will give brainiest to whoever answers correctly !!

Mathematics
1 answer:
IgorC [24]3 years ago
5 0

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}

<em>Interest rate, R = 244.44 ≈ 244%</em>

<em>Therefore, the pawnbroker charged Elisa a simple interest rate of 244%.</em>

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