A community for students.
Here's the question you clicked on:
← 55 members online
 0 viewing
anonymous
 5 years ago
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
anonymous
 5 years ago
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

This Question is Closed

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0SI = (P*R*T)/100 Therefore R = (SI * 100)/(P*T) P = $740 SI = 15 T = 59/30 (Assuming 30day months) This will solve for the monthly interest rate.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0not enough info. need the loan amount, the term. with the information given it is around 2%.
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.