Wednesday

August 20, 2014

August 20, 2014

Posted by **Dan** on Tuesday, February 18, 2014 at 5:01pm.

The formula for simple interest is where I is the amount you will pay in interest, r is the rate at which interest will accrue, P is the principal (amount borrowed), and m is the number of times the interest is applied.

To solve for the interest rate of your credit card, you need to understand which variables in the above formula you have. If your minimum monthly payment is $22 on the $1,000 credit card bill, which variables do you know the values of?

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