Question
The bank that holds Jane's mortgage also pays the property taxes every six months. The loan was originally setup that way and Joan pays a
The bank that holds Jane's mortgage also pays the property taxes every six months. The loan was originally setup that way and Joan pays a little more each month to pay the property taxes. The bank was late in paying the property taxes due to increase in loan activity, the bank just fell behind in its work. The property taxes for the six months are $2010 and the county assesses a penalty of 7% along with simple interest on the amount due. The simple interest rate is 7.39%. If the bank pays the property taxes 28 days late, how much does the bank need to pay the county?
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