Question

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

Answer 1

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.

Answer 2

not enough info. need the loan amount, the term. with the information given it is around 2%.