# Intermediate Algebra

Suppose you have a credit card debt of \$6000. Last month, the bank charged you \$85 interest on the deb. The solution to the equation is 85=6000/12 r represents the annual interest rate on the credit card. Find the annual interest rate on the credit card.

85*12=1020
1020/6000 =17% annual interest rate.

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1. simple interest formula:

I = PRT, lets plug in our values

85 = 6000(R)(1/12)
multiply both sides by 12
1020 = 6000R
divide both sides by 6000
R = 1020/6000 = .17 or 17%

You had the correct answer, but you should not just piece-meal bits and pieces from the equation.

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posted by Reiny

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