Posted by Anonymous on Wednesday, May 7, 2008 at 11:36pm.
I am needing help with the same question I cannot figure out the formula for this word problem
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 think Reiny means the MONTHLY interest is 2%.
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