jinzeang0
Answered

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To borrow money you pawn your mountain bike. Based on the value of the bike the pawnbroker loans you $552. One month later, you get the bike back by paying the pawnbroker $851. What annual interest rate did you pay?

Sagot :

  • P=P_o(1+rt)

P is annual

P_o is initial

r is rate of interest

t is time

Find r

  • 851=552(1+r(1/12))
  • 1.5417=1+r/12
  • 0.5417=r/12
  • r=12(0.5417)
  • r=6.5

So

The rate is

  • 6.5(100)=650%
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