Joe was chrged $150 interest for 1 month on a $1000 credit card balance. What was the monthly interest rate?

1 ⤊

A. 15%
B. 14.5%
C. 16%
D. 15.5%

2007-10-14 05:58:39 · 3 answers · asked by lisa S 1 in Business & Finance ➔ Credit

Do your own homework!

2007-10-14 06:05:50 · answer #1 · answered by EllE 3 · 1⤊ 0⤋

A 15%

The way I do it is the ratio way
x/100 which is the percentage
150/1000

cross multiply 1000x=15000
divide both sides by 1000
x = 15
A=15%

2007-10-14 06:11:56 · answer #2 · answered by Tommiecat 7 · 0⤊ 0⤋

This is not a homework forum. Ask your teacher.

2007-10-14 13:57:49 · answer #3 · answered by donny8361 2 · 0⤊ 0⤋