Question 188668: Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate? Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! Elaine was charged $195 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?
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interest rate per month = 195/1000
interest rate per month = 0.195
interest rate per month = 19.5%
