SOLUTION: Elaine was charged $195 interest for 1 month on $1,000 credit card balance. What was the monthly interest rate? Am I supposed to multiply $1,000 by $195????

SOLUTION: Elaine was charged $195 interest for 1 month on $1,000 credit card balance. What was the monthly interest rate? Am I supposed to multiply $1,000 by $195????

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Question 78703: Elaine was charged $195 interest for 1 month on $1,000 credit card balance. What was the monthly interest rate?
Am I supposed to multiply $1,000 by $195????
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
NO!
WHAT YOU NEED TO DO IS DIVIDE 195 BY 1000
195/1000=.195 OR 19.5% IS THE MONTHLY INTEREST RATE.
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