A radio commercial for a used car company offers loans at
"20 cents today for every $800 borrowed"
to purchase a car
What annual rate is the car company charging?
a= 3%
b= 6%
c= 9/2%
d=8%
e=9%
Using
I = PRT
.2 = 800(R)(1/365)
R = .2(365)/800 = .09125 = 9.125%