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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bMy Solutions | bartleby
Homework 8.2
canvas.bac.edu/courses/7678/assignments/35891?module_item_id=55902
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6
Assignments> Homework 8.2
MA135.3
Homework 8.2
FALL 2019 (TRAD)
Account
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MyLab and
Mastering
Math 135-3
Pierce Gonci
Dashboard
Homework: Homework 8.2
Save
Announcements
Courses
Assignments
5 of 7 (4 complete)
HW Score: 57.14%, 4 of 7 pts
Score: 0 of 1 pt
Discussions
8.2.43
Question Help
Calendar
Grades
5
Sanjay 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.
Реople
Inbox
The annual interest rate is %
Files
(Round to two decimal places as needed.)
Help
Syllabus
Modules
Conferences
Collaborations
Chat
Enter your answer in the answer box and then click Check Answer.
Purchase Course
All parts showing
Clear All
Check Answer
Materials
Google Drive
Previous
Next
9:59 PM
е
x
11/10/2019
^D
Type here to search
X
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bMy Solutions | bartleby Homework 8.2 canvas.bac.edu/courses/7678/assignments/35891?module_item_id=55902 1 8 6 Assignments> Homework 8.2 MA135.3 Homework 8.2 FALL 2019 (TRAD) Account Home | MyLab and Mastering Math 135-3 Pierce Gonci Dashboard Homework: Homework 8.2 Save Announcements Courses Assignments 5 of 7 (4 complete) HW Score: 57.14%, 4 of 7 pts Score: 0 of 1 pt Discussions 8.2.43 Question Help Calendar Grades 5 Sanjay 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. Реople Inbox The annual interest rate is % Files (Round to two decimal places as needed.) Help Syllabus Modules Conferences Collaborations Chat Enter your answer in the answer box and then click Check Answer. Purchase Course All parts showing Clear All Check Answer Materials Google Drive Previous Next 9:59 PM е x 11/10/2019 ^D Type here to search X

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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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PXRXT S.I = 100 Px RxT A-P= 100 670xRx1 700 670 100 x 12 30x 100x 12 R = 670x1 R 53.73%

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