Homework Help: simple intrest

Posted by Scott on Saturday, March 8, 2008 at 4:53pm.

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 penality of 15 dollars. What was the rate of intrest charged by the bank? Round to the nearest hundredth percent (assume 360 days).

simple intrest - Ms. Sue, Saturday, March 8, 2008 at 5:03pm
You haven't given enough information to solve this problem. The penalty charged by the bank for a late payment doesn't have anything to do with the rate of interest.
- simple intrest - Scott, Saturday, March 8, 2008 at 5:07pm
  This is what the problem says and that is all the information i have from the book
  - simple intrest - Ms. Sue, Saturday, March 8, 2008 at 5:24pm
    I suggest you ask your teacher to clarify the problem. A penalty has nothing to do with the interest rate. Banks, though, often charge an additional penalty for late payments.

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