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  Ms. Sue, Thursday, May 8, 2008 at 12:15pm
I think Reiny means the MONTHLY interest is 2%.

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