SOLUTION: Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?

SOLUTION: Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?

Algebra.Com

Question 188668: Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?
.
interest rate per month = 195/1000
interest rate per month = 0.195
interest rate per month = 19.5%

RELATED QUESTIONS
Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was... (answered by Nate)

Elaine was charged $195 interest for 1 month on $1,000 credit card balance. What was the... (answered by checkley75)

Elaine was charged $93 interest for 1 month on a $600 credit card balance. What was the... (answered by checkley75)

Elaine was charged $126 interest for 1 month on a $1800 credit card balance. What was... (answered by ewatrrr)

Elaine was charged $126 interest for 1 month on a $1800 credit card balance. What was... (answered by ewatrrr)

Elaine was charged $840 interest for 1 month on a $5600 credit card balance. What was the (answered by ewatrrr)

I am looking for help on this problem any help i would really be thankful Elaine was... (answered by rapaljer)

Elaine was charged $288 interest for 1 month on a $1600 credit card balance. What was... (answered by checkley75)

Joe was charged $437 interest for 1 month on a $3800 credit card balance. What was the... (answered by joyofmath)