You appear to have put some information in the incorrect placeI = Prt
t = 173/360 = .48
281.34 = r(281.34)(.48)
r = (281.34 * 48)/2623
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