SOLUTION: Joan was charged $18 interest for 1 month on a $1200 credit card balance.What is the monthly interest rate?

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Question 101223: Joan was charged $18 interest for 1 month on a $1200 credit card balance.What is the monthly interest rate?
Answer by Nate(3500) About Me  (Show Source):
You can put this solution on YOUR website!
I = PRT
Interest = Principle * Rate * Time
18 = 1200 * Rate * 1
3/200 = Rate
1.5% = Rate