SOLUTION: Elaine was charged $288 interest for 1 month on a $1600 credit card balance. What was the monthly interest rate? Is this right? 18%

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Question 76960: Elaine was charged $288 interest for 1 month on a $1600 credit card balance. What was the monthly interest rate?
Is this right?
18%
Answer by checkley75(3666) About Me  (Show Source):
You can put this solution on YOUR website!
288/1600=.18 OR 18% IS THE INTEREST CHARGE FOR THE 1600 BALANCE