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Business Math

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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?

  • Business Math -

    I = Po*(r/360)*d = 15
    740*(r/360)*59days = 15
    121.3r = 15
    r = 0,1237 = 12.37%.

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