In all problem involving days, a 360-day year is assumed. When annual rates are requested as an

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In all problem involving days, a 360-day year is assumed. When annual rates are requested as an answer, express the rate as a percentage, correct to three decimal places, unless directed otherwise. Round dollar amounts to the nearest cent.

If you paid $30 to a loan company for the use of $1,000 for 60 days, what annual rate of interest did they charge?

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Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

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Question Posted: Dec 17, 2023 12:11 AM

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In all problem involving days, a 360-day year is assumed. When annual rates are requested as an

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To find the annual rate of interest charged by the loan company we can use the formula for ...View the full answer

Finite Mathematics For Business Economics Life Sciences And Social Sciences

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