A YouTube ad for a loan company states "You only pay 22 cents a day for each $500 borrowed." Using 360 as the number days in a year (a banker's year), if you borrow $8000 for 113 days: (a) What amount will you repay (total, including principal) based on the implied interest rate, assuming the loan is calculated using simple interest? dollars (b) What annual rate of interest charged? r = so the annual interest rate (as a percent) is percent

A YouTube ad for a loan company states "You only pay 22 cents a day for each $500 borrowed." Using 360 as the number days in a year (a banker's year), if you borrow $8000 for 113 days: (a) What amount will you repay (total, including principal) based on the implied interest rate, assuming the loan is calculated using simple interest? dollars (b) What annual rate of interest charged? r = so the annual interest rate (as a percent) is percent

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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