markjiron9608 markjiron9608

19-11-2019
Mathematics

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To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $1080. One month later, you get the guitar back by paying the pawnbroker $1472. What annual interest rate did you pay?

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swells0005 swells0005

19-11-2019

The annual rate interest: r = 640.2%

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mella63 mella63

19-11-2019

The annual rate must 36% The guy didn’t wait a whole year to get his guitar back he waited a month.

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