# Math

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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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