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A radio commercial for a loan company states: "You only pay 32e a day for each $500 bomowed if you borrow $2.465 for 122 days, what amount will you repay, and what annualitates the company actually charging? (Assume a 300-day year) a. Amount you repay (Round to two decimal places)

A radio commercial for a loan company states: "You only pay 32e a day for each $500 bomowed if you borrow $2.465 for 122 days, what amount will you repay, and what annualitates the company actually charging? (Assume a 300-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 32e a day for each $500 borrowed. If you borrow $2,465 for 122 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year) a. Amount you repaya (Round to two decimal places)
Transcribed Image Text:A radio commercial for a loan company states: "You only pay 32e a day for each $500 borrowed. If you borrow $2,465 for 122 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year) a. Amount you repaya (Round to two decimal places)
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