Question

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.

Answer 1

whats the initial amount you got?

Answer 2

Be my hero, please Hero!

Answer 3

I got you

Answer 4

Did you just reply something? It didn't show up :(

Answer 5

Thank you!

Answer 6

or just 65.2%

Answer 7

Thanks! Can you help me with another, please?

Answer 8

Pawn brokers are loan sharks

Answer 9

F'reals hahaha

Answer 10

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.

Answer 11

I = PRT
8000 = P(.055)(2)

Solve for P

Answer 12

okay, Thanks! can you please stick with me while I try to work this out?

Answer 13

I will. Even if I leave for a moment, just post your answer

Answer 14

Thanks! Is it 727.27?

Answer 15

I did it again and got 7166.67?

Answer 16

Oy. Did it again and got 7,207.21

Answer 17

Are any of those right? I appreciate you looking.

Answer 18

72,727.28

Answer 19

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.

Answer 20

This sound horrible. lol

Answer 21

Thank you so much for looking!

Answer 22

wait, that's a much bigger number than the original 8000?

Answer 23

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.

Answer 24

Ohhh okay. Thank you!