To borrow money, you pawn your guitar. based on the value of the guitar, the pawnbroker loans you $840. one month later, you get the guitar back by paying the pawnbroker $1,472. what annual interest rate did you pay? round to the nearest tenth of a percent.
Answers
It would be: 1472/840 * 100 = 147200/840 = 175.02
So, it is 75.02%
For nearest 10th percent it will be 75%
SO 75% IS YOUR ANSWER
Final answer:
The student paid a 900.0% annual interest rate on the loan provided by the pawnbroker.
Explanation:
To calculate the annual interest rate you paid, you need to note that the difference between the amount you paid back and the amount you borrowed is the interest. That's $1,472 - $840 = $632. The way interest works is that you pay a certain percentage of the original amount you borrowed (the principal). So, if we express the interest as a percentage of the principal, we get $632 / $840 = 0.75, or 75%. However, this is the interest rate for one month, as you only held the loan for one month. The annual rate would be this monthly rate multiplied by the number of months in the year, which gives 75% * 12 = 900%. So, the annual interest rate you paid, to the nearest tenth of a percent, is 900.0%.
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Step-by-step explanation:
Answers
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