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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?

Respuesta :

[tex]\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\to &\$1472\\ P=\textit{original amount}\to& \$1080\\ r=rate\\ t=years\to &\frac{1}{12} \end{cases} \\\\\\ 1472=1080\left(1+r\cdot \frac{1}{12}\right)[/tex]

notice, it was pawned for only 1 month, so the "yearly" rate is for 1 month, which is 1/12 of the year, since a year has 12 moths

you'll get a rate in decimal terms, to get the % amount, just multiply it times 100

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