Mathematics, 25.11.2019 10:31 jodonw5616

9.6.6. the pawn shop business model. on april 9, 2011 the new york times reported on a pawn shop that opened in an ex-blockbuster store: the borrowers are given 60 days to pay back the loan, and la familia charges a 20 percent interest rate per month. (so for a $100 loan, the borrower would need to pay back $140 after 60 days.) a. explain why 20% interest per month on a $100 loan for two months would actually require repayment of a little more than $140. b. what is the annual interest rate when this business lends money?

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9.6.6. the pawn shop business model. on april 9, 2011 the new york times reported on a pawn shop tha...