Question 54792
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:  {{{I=prt}}}  Where I=interest, p=principle, r=rate, and t=time
Solve your formula for r:
{{{I/pt=prt/pt}}}
{{{I/pt=r}}}
{{{r=I/pt}}}
{{{r=836/(4400*1)}}}
{{{highlight(r=.19)}}}
If you have to give rate as a percentage r=.19*100%=19%
Happy Calculating, Lisa!!!