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

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%.

Noh it 4 pecent