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 thecompany actually charging? (Assume a 360-day year)a. Amount you repaya(Round to two decimal places)

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Answered: A radio commercial for a loan company…

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 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)