Question
A radio commercial for a loan company states: You only pay 26 a day for each $500 borrowed. If you borrow $1,588 for 184 days,
A radio commercial for a loan company states: "You only pay
26
a day for each $500 borrowed." If you borrow
$1,588
for
184
days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.)
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Financial Management Theory And Practice
Authors: Prasanna Chandra
8th Edition
0071078401, 978-0071078405
