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A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount willl you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)

A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount willl you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)
Transcribed Image Text:A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)
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