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 = $ (Round to two 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 = $ (Round to two decimal places.)
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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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 = $ (Round to two decimal places.)
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