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Carol Miller went to Europe and forgot to pay her $750 mortgage payment on her New Hampshire ski house. For her 45 days overdue...Question
Carol Miller went to Europe and forgot to pay her $740 mortgage payment on her New Hampshire ski house. For her 59 days overdue on her payment, the bank charged her a penalty of $15. What was the rate of interest charged by the bank?
Answers
Henry
I = Po*(r/360)*d = 15
740*(r/360)*59days = 15
121.3r = 15
r = 0,1237 = 12.37%.
740*(r/360)*59days = 15
121.3r = 15
r = 0,1237 = 12.37%.