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May 22, 2015

Homework Help: Business Maths

Posted by Ekanki on Monday, April 23, 2012 at 9:33pm.

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.)

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