Steve was charged $60.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate?

Answer 1

I am needing help with the same question I cannot figure out the formula for this word problem

Answer 2

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!)

Answer 3

I think Reiny means the MONTHLY interest is 2%.

Answer 4

Noh it 4 pecent