I'm going wrong when I try to determine the interest rate.

terms: 0.31 cents per day for each 500.00 borrowed

principal 2623.00

time: 173 days (360 day year)

what is the total repayment amount and the interest rate?

2623/500 = 5.246

5.246 * 0.31 = 1.62626

1.62626 * 173 = 281.34

281.34 + 2623 = 2904.34 total repayment

I = Prt

t = 173/360 = .48

281.34 = r(281.34)(.48)

r = (281.34 * 48)/2623

r = ?

the answer is suppose to be: 22.3198 interest rate