Asked by Ekanki

Carol Miller went to Europe and forgot to pay her $750 mortgage payment on her New Hampshire ski house. For her 45 days overdue on her payment, the bank charged her a penalty of $16. (assume 360 days).

What was the rate of interest charged by the bank? (Do not round intermediate calculations. Round your answer to the nearest hundredth percent. Omit the "%" sign in your response.)
Answered by Ekanki
Interest charged 17.06

Explanation:
$16
R =
= 17.07%
$750 × 45
360