Sanjay has borrowed $390 on his father's watch from a pawn shop. He has agreed to pay off the loan with $420 one month later.

Question

Sanjay has borrowed $390 on his father's watch from a pawn shop. He has agreed to pay off the loan with $420 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.
The annual interest rate is%.
(Round to two decimal places as needed.)

Kunduz · Accepted Answer

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