Question
Sanjay has borrowed $390 on his father's watch from a pawn shop. He has agreed to pay off the loan with $420 one month later.
Sanjay has borrowed $390 on his father's watch from a pawn shop. He has agreed to pay off the loan with $420 one month later. What is the annual interest ratethat he is being charged? Assume that the interest on the loan is computed using simple interest.The annual interest rate is%.(Round to two decimal places as needed.)
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Precalculus Real Mathematics, Real People
Authors: Ron Larson, Gaylord N Smith
6th Edition
1133714749, 9781133714743
