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A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If you borrow $2,370 for 242 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.)

A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If you borrow $2,370 for 242 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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= A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If you borrow $2,370 for 242 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.)
Transcribed Image Text:= A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If you borrow $2,370 for 242 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.)
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