anonymous
  • anonymous
can someone help me? Mortgage is $740 monthly was 59 days late bank charged 15.00 what was the rate is interest assuming simple interest. round to nearest hundredth
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
SI = (P*R*T)/100 Therefore R = (SI * 100)/(P*T) P = $740 SI = 15 T = 59/30 (Assuming 30-day months) This will solve for the monthly interest rate.
anonymous
  • anonymous
not enough info. need the loan amount, the term. with the information given it is around 2%.

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