anonymous
  • anonymous
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.
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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eyust707
  • eyust707
whats the initial amount you got?
anonymous
  • anonymous
Be my hero, please Hero!
Hero
  • Hero
I got you

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anonymous
  • anonymous
Did you just reply something? It didn't show up :(
anonymous
  • anonymous
Thank you!
Hero
  • Hero
or just 65.2%
anonymous
  • anonymous
Thanks! Can you help me with another, please?
Hero
  • Hero
Pawn brokers are loan sharks
anonymous
  • anonymous
F'reals hahaha
anonymous
  • anonymous
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
  • Hero
I = PRT 8000 = P(.055)(2) Solve for P
anonymous
  • anonymous
okay, Thanks! can you please stick with me while I try to work this out?
Hero
  • Hero
I will. Even if I leave for a moment, just post your answer
anonymous
  • anonymous
Thanks! Is it 727.27?
anonymous
  • anonymous
I did it again and got 7166.67?
anonymous
  • anonymous
Oy. Did it again and got 7,207.21
anonymous
  • anonymous
Are any of those right? I appreciate you looking.
Hero
  • Hero
72,727.28
Hero
  • Hero
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.
anonymous
  • anonymous
This sound horrible. lol
anonymous
  • anonymous
Thank you so much for looking!
anonymous
  • anonymous
wait, that's a much bigger number than the original 8000?
Hero
  • Hero
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.
anonymous
  • anonymous
Ohhh okay. Thank you!

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