Asked Aug 30, 2019

Joaquin pawns his favorite watch for a loan of​ $120. After 30​ days, he buys his watch back for​ $140. What interest did the pawnbroker charge​ Joaquin?


Expert Answer

Step 1

Given P = $120, A = $140 and T...


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Let the rate of interest be r%. It is known that A P(1+rt A P(1+r) A 1= rt A 1 P t 140 -1 120 30 30 :T 360 360 r = 2%


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