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29 April, 17:49

Vicky was charged $456 interest for 1 month on a $2400 credit card balance. What was the monthly rate?

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  1. 29 April, 17:58
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    The monthly rate was 19%.

    let x represents the % of monthly interest rate

    Vicky was charged $456 interest for 1 month on a $2400 credit card balance.

    x% x 2400 = 456

    x = (456/2400) x 100

    x = 456/24

    x = 19

    19% was the monthly rate.
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