A radio commercial for a loan company : “You only pay 30 cents a day for each $ 500 borrowed.” If you borrow 2,570 for 269 days, what amount will you repay , and what annual interest rate is the company actually charging? (Assume a the 360-day year)

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Q: A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If…

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A:

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A: The monthly payment will include payment towards both the principal amount and the interest amount.