Asked by Anonymous
Steve was charged $60.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate?
Answers
Answered by
Stacy Kahne
I am needing help with the same question I cannot figure out the formula for this word problem
Answered by
Reiny
Interest = Principal*rate*time
I=PRT , so
R = I/(PT)
= 60/(3000*1)
= .02
so the annual rate is 2% and the annual rate would be 24%
(WOW, get rid of that card!)
I=PRT , so
R = I/(PT)
= 60/(3000*1)
= .02
so the annual rate is 2% and the annual rate would be 24%
(WOW, get rid of that card!)
Answered by
Ms. Sue
I think Reiny means the MONTHLY interest is 2%.
Answered by
Conrad
Noh it 4 pecent
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