To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you 600. One month later, you get the guitar back by paying the pawnbroker 1472. What annual interest rate did you pay?

Question

To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you  600. One month later, you get the guitar back by paying the pawnbroker  1472. What annual interest rate did you pay?

Accepted Answer

Step:1 ：Calculate the interest paid by subtracting the loan amount from the amount paid back: (1472 - 600 = 872)Step:2 ：Calculate the monthly interest rate by dividing the interest paid by the loan amount: (frac{872}{600} = 1.4533333333333334)Step:3 ：Calculate the annual interest rate by multiplying the monthly interest rate by 12: (1.4533333333333334 times 12 = 17.44)Step:4 ：Final Answer: The annual interest rate paid is (boxed{17.44})

Answer

Step: 1 ：Calculate the interest paid by subtracting the loan amount from the amount paid back: (1472 - 600 = 872)Step: 2 ：Calculate the monthly interest rate by dividing the interest paid by the loan amount: (frac{872}{600} = 1.4533333333333334)Step: 3 ：Calculate the annual interest rate by multiplying the monthly interest rate by 12: (1.4533333333333334 times 12 = 17.44)Step: 4 ：Final Answer: The annual interest rate paid is (boxed{17.44})

To borrow money, you pawn your guitar. Based on the value of the guitar, the pawnbroker loans you $\$ 600$. One month later, you get the guitar back by paying the pawnbroker $\$ 1472$. What annual interest rate did you pay?

Answer

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