Question

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?

Answer 1

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 2

That was simple and easy to understand