Posted by **Anonymous** on Wednesday, May 7, 2008 at 11:36pm.

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

- math -
**Stacy Kahne**, Thursday, May 8, 2008 at 12:14am
I am needing help with the same question I cannot figure out the formula for this word problem

- math -
**Reiny**, Thursday, May 8, 2008 at 8:01am
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!)

- math -
**Conrad**, Monday, March 2, 2015 at 5:12pm
Noh it 4 pecent

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