mac pawns his bicycle for 40. after one month he has to pay 50 to get it back. what rate of simple interest was he charged

mac pawns his bicycle for 40. after one month he has to pay 50 to get it back. what rate of simple interest was he charged
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He had to pay an additional 10, which is 10/40=1/4 or 25% of the original value. Normally interest rates are calculated over 12 months, so 25% after one month is 12*25=300% per annum, that is, 3 times the original value.

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