To borrow money, you pawn your guitar. based on the value of the guitar, the pawnbroker loans you $600. one month later, you get the guitar back by paying the pawnbroker $1470. what annual interest rate did you pay?

1740%.

Step-by-step explanation:

We have been given that the pawnbroker loans you $600. One month later, you get the guitar back by paying the pawnbroker $1470.

We will use simple interest formula to solve our given problem.

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

1 month = 1/12 year

Since our interest rate is in decimal form, so we will convert it into percentage by multiplying by 100 as:

Therefore, you paid an annual interest rate of 1740%.

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step-by-step explanation: