Question: Late payments on virtually all loans result in financial penalties. For example, credit card companies often increase their interest rates to around 30% if a

Late payments on virtually all loans result in financial penalties. For example, credit card companies often increase their interest rates to around 30% if a customer is late paying their monthly bills. Estimate the number of people who were late in paying their debts in the previous 12 months (LATE: 1).

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