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tightsnstuff

  • 3 years ago

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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  1. eyust707
    • 3 years ago
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    whats the initial amount you got?

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

  3. Hero
    • 3 years ago
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    I got you

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

  5. tightsnstuff
    • 3 years ago
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    Thank you!

  6. Hero
    • 3 years ago
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    or just 65.2%

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

  8. Hero
    • 3 years ago
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    Pawn brokers are loan sharks

  9. tightsnstuff
    • 3 years ago
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    F'reals hahaha

  10. tightsnstuff
    • 3 years ago
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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.

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

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

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

  14. tightsnstuff
    • 3 years ago
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    Thanks! Is it 727.27?

  15. tightsnstuff
    • 3 years ago
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    I did it again and got 7166.67?

  16. tightsnstuff
    • 3 years ago
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    Oy. Did it again and got 7,207.21

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

  18. Hero
    • 3 years ago
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    72,727.28

  19. Hero
    • 3 years ago
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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.

  20. tightsnstuff
    • 3 years ago
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    This sound horrible. lol

  21. tightsnstuff
    • 3 years ago
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    Thank you so much for looking!

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

  23. Hero
    • 3 years ago
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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.

  24. tightsnstuff
    • 3 years ago
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    Ohhh okay. Thank you!

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