SOLUTION: I am looking for help on this problem any help i would really be thankful Elaine was charged $195 interest for 1 year on a $1000 credit card balance. What was the monthly inte

Question 8595: I am looking for help on this problem any help i would really be thankful
Elaine was charged $195 interest for 1 year on a $1000 credit card balance. What was the monthly interest rate?
Answer by rapaljer(4671) (Show Source): You can put this solution on YOUR website!
The annual rate is the Interest divided by the Principle for 1 year. In this case, it is an annual rate of or .195 or 19.5%. To change this to a monthly rate, just divide the annual rate by 12. In other words or .01625 or 1.625% per month.

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