# math

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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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