Solved: What annual interest rate is the company actually charging, Finance Basics

What annual interest rate is the company actually charging

Problem: A radio commercial for a loan company states: You only pay 26 cents a day for each $500 borrowed. If you borrow $1,491. for 299 days, what amount will you repay, and what annual interest rate is the company actually charging?

a. amount you repay = ?

b. annual interest rate = ?

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Finance Basics: What annual interest rate is the company actually charging

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Finance Basics: What annual interest rate is the company actually charging

Reference No:- TGS02038979

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