# To borrow​ money, you pawn your guitar. Based on the value of the​ guitar, the pawnbroker loans you  \$840. One month​ later, you get the guitar back by paying the pawnbroker \$1272.  What annual interest rate did you​ pay?

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To borrow​ money, you pawn your guitar. Based on the value of the​ guitar, the pawnbroker loans you  \$840. One month​ later, you get the guitar back by paying the pawnbroker \$1272.  What annual interest rate did you​ pay?

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Step 1

Given:

To borrow​ money, you pawn your guitar. Based on the value of the​ guitar, the pawnbroker loans you \$840. One month​ later, you get the guitar back by paying the pawnbroker \$1272.

Step 2

Concept used:

Step 3

We know that 1 year = 12...

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