SOLUTION: Can someone help me I am stuck?
Joe was charged $782 interest for 1 month on a $4600 credit card balance. What was the monthly interest rate?
Question 124250: Can someone help me I am stuck?
Joe was charged $782 interest for 1 month on a $4600 credit card balance. What was the monthly interest rate? Answer by solver91311(24713) (Show Source):
The principal amount times the interest rate is equal to the amount of interest charged. So divide the interest amount by the principal amount to get the rate.
or 17% per month. That's over 200% per year, or ten times what it ought to be. Of course, if you typed one too few zeros on the balance amount, it would come out to a much more reasonable 1.7% per month.
