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

  • math -

    I am needing help with the same question I cannot figure out the formula for this word problem

  • math -

    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 -

    I think Reiny means the MONTHLY interest is 2%.

  • math -

    Noh it 4 pecent

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