Question
Carol Miller went to Europe and forgot to pay her $800 mortgage payment on her New Hampshire ski house. For her 72 days overdue on
| Carol Miller went to Europe and forgot to pay her $800 mortgage payment on her New Hampshire ski house. For her 72 days overdue on her payment, the bank charged her a penalty of $16. 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.) |
| Rate of interest |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Finance And Democracy Towards A Sustainable Financial System
Authors: Alessandro Vercelli
1st Edition
3030279111, 978-3030279110
