SOLUTION: Elaine was charged $126 interest for 1 month on a $1800 credit card balance. What was the monthly interest rate?

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Question 370731: Elaine was charged $126 interest for 1 month on a $1800 credit card balance. What was the monthly interest rate?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi,

Let x represent the % of interest

x%*1800 = 126

x = (126/1800) * 100 = 7%, the monthly interest Elaine was charged