SOLUTION: Indira paid interest charges of $179.08 on a $4,840 invoice that was two months overdue. What monthly rate of simple interest was she charged?

SOLUTION: Indira paid interest charges of $179.08 on a $4,840 invoice that was two months overdue. What monthly rate of simple interest was she charged?

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Question 1015630: Indira paid interest charges of $179.08 on a $4,840 invoice that was two months overdue.

What monthly rate of simple interest was she charged?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
1 year = 12 months; 12/2= 6 2-month periods in a year
Interest for 2 months x 6 = annual interest:
(179.08/4,840)*6*100= % annual interest. Use your calculator.
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