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A radio commercial for a loan company states: "You only pay 37c a day for each $500 borrowed." If you borrow $2,569 for 128 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.)

A radio commercial for a loan company states: "You only pay 37c a day for each $500 borrowed." If you borrow $2,569 for 128 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A radio commercial for a loan company states: "You only pay 37¢ a day for each $500 borrowed." If you borrow $2,569 for 128 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.) b. Annual interest rate % (Round to four decimal places)
Transcribed Image Text:A radio commercial for a loan company states: "You only pay 37¢ a day for each $500 borrowed." If you borrow $2,569 for 128 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.) b. Annual interest rate % (Round to four decimal places)
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