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The terms of the loan call for daily payments of 97 the

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Gene's Art Gallery is notoriously known as a slow-payer. The firm currently needs to borrow $27900 and only one company will even deal with them. The terms of the loan call for daily payments of $ 97. The first payment is due today. The interest rate is 29 percent, compounded daily. What is the time period of this loan? Assume a 365 day year.

Reference no: EM13567967

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