Homework Help: math

Posted by Tiffany on Friday, March 1, 2013 at 5:32pm.

George finds a company that charges 59 cnets per day for each 1000 borrowed. if he borrows 3000 for 60 days, what amount will he repay, and what annual interest rate will he pay the company?

math - Reiny, Friday, March 1, 2013 at 6:30pm
interest charged by the company
= 3000/1000 x .59 x 60 = $106.20

rate = interest/(principal x time)
= 106.20/(3000 (60/365)) = .21535

= 21.5 %

Answer this Question

Related Questions

ALGEBRA - Company A charges $55 per day plus $0.35 per mile to rent a car. ...
algebra - Company A charges $55 per day plus $0.35 per mile to rent a car. ...
math - Suppose you are looking for a job. You interview with a company that has...
math (statistics) - Suppose you are looking for a job. You interview with a ...
Math - A truck rental company charges $45 per day, plus $.39 per mile. Model the...
Algebra - Use the five steps for problem sovling. Company A charges $25 per ...
math - Car rental agency A charges $50 per day plus 10 cents per mile driven. ...
Math - Charlie is going to rent a truck for one day. There are two companies he ...
math - Car rental agency A charges $50 per day plus 10 cents per mile driven. ...
Math - a bus company has 4000 passengers daily, each paying a fare of $2. for ...

For Further Reading

First Name:
School Subject:
Answer: