Question
A radio commercial for a loan company states: You only pay 36 cents a day for each $500 borrowed. If you borrow $1,451 for 246
A radio commercial for a loan company states: "You only pay 36 cents a day for each $500 borrowed." If you borrow $1,451 for 246 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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The Economics Of Money Banking And Financial Markets
Authors: Frederic Mishkin
13th Global Edition
1292409487, 978-1292409481
