A radio commercial for a loan company states: "You only pay 33¢ a day for each $500 borrowed." If you borrow $1,928 for 267 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 = $ 2267.75 (Round to two decimal places.) b. Annual interest rate =% (Round to four decimal places.)
A radio commercial for a loan company states: "You only pay 33¢ a day for each $500 borrowed." If you borrow $1,928 for 267 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 = $ 2267.75 (Round to two decimal places.) b. Annual interest rate =% (Round to four decimal places.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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![A radio commercial for a loan company states: "You only pay 33¢ a day for each $500 borrowed." If you borrow $1,928 for 267 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 = $ 2267.75 (Round
two decimal places.)
b. Annual interest rate =% (Round to four decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc410250-cb60-4cf9-af30-dead558b27fa%2Fa36823d4-5d63-4a54-bd2a-a11e227b8bb4%2Fgg32cfh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A radio commercial for a loan company states: "You only pay 33¢ a day for each $500 borrowed." If you borrow $1,928 for 267 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 = $ 2267.75 (Round
two decimal places.)
b. Annual interest rate =% (Round to four decimal places.)
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