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Business Maths

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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.)

  • Business Maths -

    Interest charged 17.06

    Explanation:
    $16
    R =
    = 17.07%
    $750 × 45
    360

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