SOLUTION: George finds a company that charges 59¢ per day for each $1,000 borrowed. If he borrows $3,000 for 60 days, what amount will he repay, and what annual interest rate will he

Algebra ->  Test -> SOLUTION: George finds a company that charges 59¢ per day for each $1,000 borrowed. If he borrows $3,000 for 60 days, what amount will he repay, and what annual interest rate will he       Log On


   



Question 1189101: George finds a company that charges 59¢ per day for each
$1,000 borrowed. If he borrows $3,000 for 60 days, what
amount will he repay, and what annual interest rate will he
pay the company?

Answer by ikleyn(52788) About Me  (Show Source):
You can put this solution on YOUR website!
.

It depends if the loan is simple interest or compounded interest.