SOLUTION: I need some help solving this following problem: Vicky was charged $836 interest for 1 month on a $4,400 credit card balance. What was the monthly interest rate? Thanks,

Question 54792: I need some help solving this following problem:
Vicky was charged $836 interest for 1 month on a $4,400 credit card balance. What was the monthly interest rate?
Thanks, Lisa
Found 2 solutions by ankor@dixie-net.com, funmath:
Answer by ankor@dixie-net.com(15747) (Show Source):
You can put this solution on YOUR website!
Vicky was charged $836 interest for 1 month on a $4,400 credit card balance. What was the monthly interest rate?
% Int rate = * 100
:
In your problem:
:
% Int rate = * 100
:
Do this on your calculator, you should get 19%

Answer by funmath(2925) (Show Source):
You can put this solution on YOUR website!
Hi Lisa,
Vicky was charged $836 interest for 1 month on a $4,400 credit card balance. What was the monthly interest rate?
I am going to assume that you're dealing in simple interest because of some of the other questions you've asked. The formula for simple interestt is: Where I=interest, p=principle, r=rate, and t=time
Solve your formula for r:

If you have to give rate as a percentage r=.19*100%=19%
Happy Calculating, Lisa!!!