Stever was charged $60.00 interest for 1 month on a 3,000 credit card balance. What was the monthly interest rate.
Rate = interest/(principal x time),
= 60/(3000(1/12))
= ....
To find the monthly interest rate, we need to divide the interest charged by the credit card balance. In this case, Stever was charged $60.00 interest on a $3,000 credit card balance.
So, the formula to calculate the monthly interest rate is:
Monthly interest rate = (Interest charged / Credit card balance) * 100
Substituting the given values, we have:
Monthly interest rate = ($60.00 / $3,000) * 100
Simplifying the equation:
Monthly interest rate = 0.02 * 100 = 2%
Therefore, the monthly interest rate for Stever's credit card is 2%.