Intrest Problem

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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).

  • Intrest Problem -

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

  • Intrest Problem -

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

  • Intrest Problem -

    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.)

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