asked 12.0k views
4 votes
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 $1270. What annual interest rate did you pay?

1 Answer

4 votes

The annual interest rate you paid is approximately 6.14%.

answered
User Susie Derkins
by
8.4k points
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