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Carol Miller went to Europe and forgot to pay her $820 mortgage payment on her New Hampshire ski house. For her 52 days overdue on her payment, the bank charged her a penalty of $23. (assume 360 days).



What was the rate of interest charged by the bank?

  • Math -

    I = Po*r*t = $23.
    820*(r/360)*52 = 23
    118.44444r = 23
    r = 0.194 = 19.4 %.

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