jinzeang0
Answered

Looking for trustworthy answers? Westonci.ca is the ultimate Q&A platform where experts share their knowledge on various topics. Connect with a community of experts ready to provide precise solutions to your questions on our user-friendly Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

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%
Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.