15) A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount will you repay, and what annual interest rate is the company actuallycharging? (Assume a 360-day year.)a. Amount you repay = $ (Round to two decimal places.)

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A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount willl you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)

A radio commercial for a loan company states: "You only pay 25¢ a day for each $500 borrowed." If you borrow $1,865 for 277 days, what amount willl you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay = $ (Round to two decimal places.)

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 26E

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