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A pawn shop charges simple interest at an annual percentage rate of 40%. Complete the table showing the interest for various terms and principals. (See Example 5.)
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It is convenient to use a spreadsheet to organize the table.
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A pawn shop charges simple interest at an annual percentage rate of 40%. You pawn a gold ring and receive a 120-day loan for $500. What is the interest for the loan? (See Example 5.)
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A pawn shop charges simple interest at an annual percentage rate of 40%. You pawn a television and receive a 30-day loan for 40% of the $500 resale value. What is the interest for the loan? (See Example 5.)
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The amount of the loan is
The interest on the loan is
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A pawn shop charges simple interest at an annual percentage rate of 40%. You pawn a motorcycle and receive a 180-day loan for 60% of the $2000 resale value. What is the total amount due? (See Example 5.)
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A pawn shop includes a service charge according to the table. You pay $5.59 in interest on a 60-day loan for $85. Find (a) the annual percentage rate for only the interest and (b) the annual percentage rate including the service charge. (See Example 6.)
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a. The annual percentage rate for the interest only is
b. The annual percentage rate including the service charge is
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A pawn shop includes a service charge according to the table. You pay $336 in interest on a 1-year loan for $700. Find (a) the annual percentage rate for only the interest and (b) the annual percentage rate including the service charge. (See Example 6.)
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A pawn shop includes a service charge according to the table. You pay $10.48 in interest on a 45-day loan for $340. Find (a) the annual percentage rate for only the interest and (b) the annual percentage rate including the service charge. (See Example 6.)
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a. The annual percentage rate for the interest only is
b. The annual percentage rate including the service charge is
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When you do not make your payments and your pawned item sells, you may be entitled to the difference of the selling price and the total amount due. (The total amount due includes expenses incurred by the pawn shop to sell the item.)
- You do not repay the loan in Exercise 16, and the pawn shop incurs $60 in expenses to sell the motorcycle. Find the sum of the total amount due and the expenses incurred to sell the motorcycle.
- The motorcycle sells for $1700. How much money should you receive
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