Question
A radio commercial for a loan company states: You only pay $0.29 a day for each $500 borrowed. If you borrow $1500 for 120 days,
A radio commercial for a loan company states: "You only pay $0.29 a day for each $500 borrowed." If you borrow $1500 for 120 days, what amount will you repay, and what annual interest rate is the company actually charging?
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An Introduction to the Mathematics of financial Derivatives
Authors: Salih N. Neftci
2nd Edition
978-0125153928, 9780080478647, 125153929, 978-0123846822
