SOLUTION: Joe was charged $66 interest for 1 month on a $1200 credit card balance. what was the monthly interest rate?

SOLUTION: Joe was charged $66 interest for 1 month on a $1200 credit card balance. what was the monthly interest rate?

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Question 66508: Joe was charged $66 interest for 1 month on a $1200 credit card balance. what was the monthly interest rate?
Answer by checkley71(8403) (Show Source): You can put this solution on YOUR website!
66/1200=.055=5.5%
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