SOLUTION: If a man borrowed $500 from a pawnshop for 2 months and then had to pay back $560, what annual simple interest rate did he pay? Put your answer in percentage form and then round it

SOLUTION: If a man borrowed $500 from a pawnshop for 2 months and then had to pay back $560, what annual simple interest rate did he pay? Put your answer in percentage form and then round it

Algebra.Com

Question 905266: If a man borrowed $500 from a pawnshop for 2 months and then had to pay back $560, what annual simple interest rate did he pay? Put your answer in percentage form and then round it to the nearest hundredth.
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
560-500=60 for 2 months which is 30 a month which is 360 a year
360/500=72%
RELATED QUESTIONS
A guy borrowed some money for 2 years at 6% simple interest. If he had to pay back... (answered by LearnWithMajor)

Joshua borrowed $1000 from his friend and paid him back $1050 in six months what simple... (answered by Alan3354)

Mark and Brian are starting a new business. They borrowed $7,500 from their bank in... (answered by Boreal)

A man borrowed $950. Six months later, he repaid the loan (principal and interest) with... (answered by ikleyn,josmiceli)

Bobby Smith borrowed $6500 for a new car. He will pay it off in 8 months at an annual... (answered by addingup)

If $100 is borrowed and the interest after 6 months is $8, what is the annual interest... (answered by math_tutor2020)

A man borrowed 500 dollars for 7 months and paid 53.95 in interest what was the rate of... (answered by rfer)

Suppose you pay back $510 on a $500 loan. You had the loan for 45 days. What was your... (answered by ankor@dixie-net.com,MathTherapy)

the money that tia borrowed at 1% interest was $500 less than three times the amount she... (answered by Theo)