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Elisa needs money to repair her home air​ conditioner, so she pawns her bicycle. The pawnbroker loans Elisa ​$270. Eleven days​ later, Elisa gets her bicycle back by paying the pawnbroker ​$279.90. What annual simple interest rate did the pawnbroker charge​ Elisa? Assume 360 days in a year.The pawnbroker charged Elisa a simple interest rate of

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Answer:

The pawnbroker charged Elisa a simple interest rate of 120% per year

Explanation:

I = PRT/100

I is the simple interest = amount - principal = $279.90 - $270 = $9.90

P (principal) is the loan given Elisa = $270

R is the annual simple interest rate

T (time) is the duration the loan is paid back with interest = 11 days = 11/360 year

9.9 = 270 × R × 11/360 × 1/100

R = (9.9×360×100)/(270×11) = 120%

Annual simple interest rate = 120%

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