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? Note: Use 360 days a year. Do not round your intermediate calculations. Round your answer to the nearest hundredth percent.

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? Note: Use 360 days a year. Do not round your intermediate calculations. Round your answer to the nearest hundredth percent.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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