Thursday

July 24, 2014

July 24, 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?

**Related Questions**

eco - Suppose a person pays $80 of annual interest on a loan that has a 5 ...

Math - The formula for simple interest is where I is the amount you will pay in ...

math - how much interest will you have to pay for a credit card balance of $554 ...

Finance - Rick has a credit card that charges 19% interest compounded monthly. ...

math - Stever was charged $60.00 interest for 1 month on a 3,000 credit card ...

math - Steve was charged $60.00 interest for 1 month on a $3,000 credit card ...

Math - In Mathematics: how much interest will you have to pay for a credit card ...

math - The interest rate on an equity line of credit was 7 and 5/8 % last month...

math review question - The interest rate on an equity line of credit was 6 3/4...

Computer science - Paying Off Credit Card Debt Each month, a credit card ...