A radio commercial for a loan company states: "You only pay 27¢ a day for each $500 borrowed." If you borrow $1,638 for 247 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a360-day year.)

A radio commercial for a loan company states: "You only pay 27¢ a day for each $500 borrowed." If you borrow $1,638 for 247 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a360-day year.)

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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