# bMy Solutions | bartlebyHomework 8.2canvas.bac.edu/courses/7678/assignments/35891?module_item_id=559021 86Assignments> Homework 8.2MA135.3Homework 8.2FALL 2019 (TRAD)AccountHome|MyLab andMasteringMath 135-3Pierce GonciDashboardHomework: Homework 8.2SaveAnnouncementsCoursesAssignments5 of 7 (4 complete)HW Score: 57.14%, 4 of 7 ptsScore: 0 of 1 ptDiscussions8.2.43Question HelpCalendarGrades5Sanjay has borrowed \$670 on his father's watch from a pawn shop. He has agreed to pay off the loan with \$700 one month later. What is the annual interest rate that he is being charged?Assume that the interest on the loan is computed using simple interest.РеopleInboxThe annual interest rate is %Files(Round to two decimal places as needed.)HelpSyllabusModulesConferencesCollaborationsChatEnter your answer in the answer box and then click Check Answer.Purchase CourseAll parts showingClear AllCheck AnswerMaterialsGoogle DrivePreviousNext9:59 PMеx11/10/2019^DType here to searchX

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Asked Nov 11, 2019
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## Expert Answer

Step 1

Consider the given question,

Principal value (P) = \$670

Amount (A) = \$700

Time (T) for the payment is 1 month or 1/12 year.

Let rate of interest be R.

Step 2

Now, find the rate of interest with the s...

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