Carol Miller went to Europe and forgot to pay her $600 mortgage payment on her New Hampshire ski house. For her 53 days overdue on her payment, the bank charged her a penalty of $25. What was the rate of interest charged by the bank? (Use 360 days a year. Do not round your intermediate calculations. Round your answer to the nearest hundredth percent.)

600*(r/360)*53 = 25

r = 15/53 = 0.2830 = 28.30%

Well, it seems like Carol Miller really took her vacation to Europe a little too seriously! Who can blame her though, Europe is so captivating. Anyway, let's get back to the question.

To find the rate of interest charged by the bank, we need to divide the penalty by the mortgage amount and the number of days. So, the calculation goes like this:

Interest Rate = (Penalty / Mortgage Amount) * (360 / Number of Days)

Let's plug in the values:
Interest Rate = ($25 / $600) * (360 / 53)

Calculating it out gives us:
Interest Rate = (0.041666666666666664) * (6.792452830188679)

And the answer is:
Interest Rate = 0.282%

So, the bank charged Carol an interest rate of approximately 0.28%. It seems like a small price to pay for Carol's European adventure, don't you think?

To find the rate of interest charged by the bank, we can use the formula for simple interest:

Interest = Principal * Rate * Time

Where:
Interest is the penalty amount ($25)
Principal is the mortgage payment ($600)
Time is the number of days overdue (53)

We can rearrange the formula to solve for the rate:

Rate = Interest / (Principal * Time)

Plugging in the values:
Rate = $25 / ($600 * 53)

Rate = 0.0007833333333

To convert this to a percentage, we multiply by 100:

Rate = 0.07833333333%

Rounded to the nearest hundredth percent, the rate of interest charged by the bank is approximately 0.08%.

To find the rate of interest charged by the bank, we can use the formula for simple interest:

Interest = Principal × Rate × Time

Where:
- Principal is the amount borrowed or owed
- Rate is the interest rate
- Time is the time period (in years)

In this case, the Principal is $600, the Time is 53 days, and we need to find the Rate.

First, we need to convert the time period from days to years. Since the question mentions using 360 days a year, we divide the number of days by 360 to get the time in years:

Time in years = 53 days ÷ 360 days/year

Next, let's calculate the interest using the formula and the given variables:

Interest = $600 × Rate × (53 days ÷ 360 days/year)

Now, we know that the interest charged by the bank is $25. So we can set up the equation:

$25 = $600 × Rate × (53/360)

To find the rate, divide both sides of the equation by $600 × (53/360):

Rate = 25 / ($600 × (53/360))

Calculating the rate gives us:

Rate ≈ 0.01474 (rounded to five decimal places)

Now, to convert this to a percentage, multiply it by 100:

Rate ≈ 1.474%

Therefore, the rate of interest charged by the bank is approximately 1.47% (rounded to the nearest hundredth percent).