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A radio commercial for a loan company states: You only pay 27/ a day for each $500 borrowed. If you borrow $2,930 for 248 days,

A radio commercial for a loan company states: "You only pay 27/ a day for each $500 borrowed. "If you borrow $2,930 for 248 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay =$ (Round to two decimal places.)

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