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just hanging around
Lv 5
just hanging around asked in Science & MathematicsMathematics · 1 decade ago

what is the rate of interest charged by the bank?

John forgot his $750 mortgage payment. For overdue payment, bank charged $17.00. What was the rate of interest charged by the bank? (360 days)

3 Answers

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  • Daniel K
    Lv 4
    1 decade ago
    Favorite Answer

    1.275 % interest

  • Melly
    1 decade ago

    17/750 = 0.226

    * 100 = 2.26%

    2.26% for 360 days

    2.26/360 =0.00629%(approx) per day

  • Zelda
    Lv 6
    1 decade ago

    r(750) = 17

    r = 17/750

    r = .0227

    r = 2.27%

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