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22 October, 11:36

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?

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Answers (2)
  1. 22 October, 11:38
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    The annual rate must 36% The guy didn't wait a whole year to get his guitar back he waited a month.
  2. 22 October, 11:40
    0
    The annual rate interest: r = 640.2%
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