posted by Anonymous .
Steve was charged $60.00 interest for 1 month on a $3,000 credit card balance. What was the monthly interest rate?
I am needing help with the same question I cannot figure out the formula for this word problem
Interest = Principal*rate*time
I=PRT , so
R = I/(PT)
so the annual rate is 2% and the annual rate would be 24%
(WOW, get rid of that card!)
I think Reiny means the MONTHLY interest is 2%.
Noh it 4 pecent