Zeb pawed a gold watch for 820 After 18 weeks Zeb had to pay

Zeb pawed a gold watch for $820. After 18 weeks, Zeb had to pay the pawn shop $1055.6 to get the watch back.

There are approximately 52 weeks in a year.

What will be the time in the formula for this calculation-------------------years? (Write your answer as a fraction, a/b). How much interest will Zeb pay for this loan--------------------?

What is the simple interest rate of this loan---------------------? (Round to nearest 10th).

Solution

/there are approximately 52 weeks in a year.

Zeb pawed a gold watch for $820. After 18 weeks, Zeb had to pay the pawn shop $1055.6 to get the watch back.

so the time in this formula is 18/52=9/26 years [answer]

interest Zeb pay for this loan is $1056.6-$820=$236.6 [answer]

in 18 weeks on $820 he has to pay a loan of $236.6

so in 52 weeks on $820 he has to pay a loan of $236.6*52/18

so in 52 weeks on $100 he has to pay a loan of $236.6*52/18*100/820=83.3355%=83%

so simple interest on loan is 83% per year.