Brightstorm Q & A : Elaine was charged $840 interest for 1 month on a $5600 credit card balance. What was the monthly interest rate?

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lqez now

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Robbie - Interest Rate = (Interest charged) ÷ (Balance) Hope this helps

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Steve204 November 21, 2010

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Let r = the interest rate:5600r = 840Dividing both sides by 5600, we get r = 840/5600 = 0.15Therefore, the monthly interest rate is 15%.

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Bill201 November 22, 2010

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