Carol Miller went to Europe and forgot to pay her 740.00 mortgage payment on her New Hampshire ski house. For her 59 days overdue on her payment, the bank charged her a penalty of 15 dollars. What was the rate of intrest charged by the bank? Round to the nearest hundreth percent (assume 360 days).

Question

Carol Miller went to Europe and forgot to pay her 740.00 mortgage payment on her New Hampshire ski house.  For her 59 days overdue on her payment, the bank charged her a penalty of 15 dollars.  What was the rate of intrest charged by the bank?  Round to the nearest hundreth percent  (assume 360 days).

Reiny · Accepted Answer

I = PRt 15 = 740(R)59/360 R = .12368 So she was charged 12.37% simple interest

Scott · Answer

thanks that is what i got here as well I have another one to post i dotn understand as well

Cory · Answer

Carol Miller went to Europe and forgot to pay her $940 mortgage payment on her New Hampshire ski house. For her 73 days overdue on her payment, the bank charged her a penalty of $8. What was the rate of interest charged by the bank? (Use 360 days a year. Do not round your intermediate calculations. Round your answer to the nearest hundredth percent.)