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A radio commercial for a loan of company states. You only pay 29cents a day for each $500 borrowed. If you borrow $2,500 for 188
A radio commercial for a loan of company states. "You only pay 29cents a day for each $500 borrowed." If you borrow $2,500 for 188 days, what amount will you repay, and what annual interest rate is the company actually charging? (Asuume a 360-day year) Amount you repay=$____ (round to two decimal places.) Annual interest rate=___% (round to four deciaml places.)
Amount you repay=$____ (round to two decimal places.)
Annual interest rate=___% (round to four deciaml places.)
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
