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?

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Question 42519: Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?
Answer by Nate(3500) (Show Source): You can put this solution on YOUR website!
Interest = Principle * Rate * Time
195 = 1000x
195/1000 = x = 0.195
19.5%
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