An insurance agent has just sold a large policy and will be paid a commission of $7359.06 in 30 days. A business associate offers to give him cash right now in exchange for the commission check when it arrives, for a fee of 3.25%.
a. How much would the agent receive if he takes this deal?
b. what simple interest rate would this be equivalent to paying?
I got this far
(.0325) (7359.06) = 239.16945
$239.17 = $7359.06 (d) (30/365)
Simple Interest Rate
$239.17 = (6754.21) R (30/365)
Please help, I need an answer fast!!!