tightsnstuff
To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $960. One month later, you get the guitar back by paying the pawnbroker $1,472. What annual interest rate did you pay? Round to the nearest tenth of a percent.
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eyust707
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whats the initial amount you got?
tightsnstuff
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Be my hero, please Hero!
Hero
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I got you
tightsnstuff
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Did you just reply something? It didn't show up :(
tightsnstuff
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Thank you!
Hero
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or just 65.2%
tightsnstuff
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Thanks! Can you help me with another, please?
Hero
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Pawn brokers are loan sharks
tightsnstuff
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F'reals hahaha
tightsnstuff
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This is another question I am stuck on:
A bank offers a CD that pays a simple interest rate of 5.5%. How much must you put in this CD now in order to have $8,000 for a kitchen remodeling project in two years? Round to the nearest cent.
Hero
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I = PRT
8000 = P(.055)(2)
Solve for P
tightsnstuff
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okay, Thanks! can you please stick with me while I try to work this out?
Hero
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I will. Even if I leave for a moment, just post your answer
tightsnstuff
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Thanks! Is it 727.27?
tightsnstuff
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I did it again and got 7166.67?
tightsnstuff
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Oy. Did it again and got 7,207.21
tightsnstuff
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Are any of those right? I appreciate you looking.
Hero
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72,727.28
Hero
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You can only generate that much money in interest if you already have a ton of money to begin with. The worst part about is that you can't even touch that money. You have to keep at least that amount in the bank at all times.
tightsnstuff
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This sound horrible. lol
tightsnstuff
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Thank you so much for looking!
tightsnstuff
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wait, that's a much bigger number than the original 8000?
Hero
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8000 is not the original amount. That's the amount you would get in INTEREST after two years if you invested 27,727 dollars to begin with.
tightsnstuff
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Ohhh okay. Thank you!