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tightsnstuff Group Title

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.

  • 2 years ago
  • 2 years ago

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  1. eyust707 Group Title
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    whats the initial amount you got?

    • 2 years ago
  2. tightsnstuff Group Title
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    Be my hero, please Hero!

    • 2 years ago
  3. Hero Group Title
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    I got you

    • 2 years ago
  4. tightsnstuff Group Title
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    Did you just reply something? It didn't show up :(

    • 2 years ago
  5. tightsnstuff Group Title
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    Thank you!

    • 2 years ago
  6. Hero Group Title
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    or just 65.2%

    • 2 years ago
  7. tightsnstuff Group Title
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    Thanks! Can you help me with another, please?

    • 2 years ago
  8. Hero Group Title
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    Pawn brokers are loan sharks

    • 2 years ago
  9. tightsnstuff Group Title
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    F'reals hahaha

    • 2 years ago
  10. tightsnstuff Group Title
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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.

    • 2 years ago
  11. Hero Group Title
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    I = PRT 8000 = P(.055)(2) Solve for P

    • 2 years ago
  12. tightsnstuff Group Title
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    okay, Thanks! can you please stick with me while I try to work this out?

    • 2 years ago
  13. Hero Group Title
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    I will. Even if I leave for a moment, just post your answer

    • 2 years ago
  14. tightsnstuff Group Title
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    Thanks! Is it 727.27?

    • 2 years ago
  15. tightsnstuff Group Title
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    I did it again and got 7166.67?

    • 2 years ago
  16. tightsnstuff Group Title
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    Oy. Did it again and got 7,207.21

    • 2 years ago
  17. tightsnstuff Group Title
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    Are any of those right? I appreciate you looking.

    • 2 years ago
  18. Hero Group Title
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    72,727.28

    • 2 years ago
  19. Hero Group Title
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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.

    • 2 years ago
  20. tightsnstuff Group Title
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    This sound horrible. lol

    • 2 years ago
  21. tightsnstuff Group Title
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    Thank you so much for looking!

    • 2 years ago
  22. tightsnstuff Group Title
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    wait, that's a much bigger number than the original 8000?

    • 2 years ago
  23. Hero Group Title
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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.

    • 2 years ago
  24. tightsnstuff Group Title
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    Ohhh okay. Thank you!

    • 2 years ago
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