Business math question?

Find the monthly rate of interest on an account with an unpaid balance of $151 and a finance charge of $3.62?

2007-03-07 13:12:46 · 2 answers · asked by kd815 1 in Business & Finance ➔ Personal Finance

2.4% monthly

2007-03-07 13:30:59 · answer #1 · answered by redd headd 7 · 0⤊ 0⤋

28.8 pct per annum

3.62 / 151 = 2.4 pct/ mo x 12 = 28.8 pct/yr

2007-03-07 13:31:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋

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