SOLUTION: Joe was charged $437 interest for 1 month on a $3800 credit card balance. What was the monthly interest rate?

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Question 61061: Joe was charged $437 interest for 1 month on a $3800 credit card balance. What was the monthly interest rate?
Answer by joyofmath(189) About Me  (Show Source):
You can put this solution on YOUR website!
437%2F3800+=+.115 = 11.5%
So, 11.5% is the monthly interest rate.