Joe was charged $66 interest for 1 month on a $1200 credit card balance. What was the monthly interest rate?

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2007-11-11 04:03:07 · 6 answers · asked by iluvziggy625 1 in Education & Reference ➔ Homework Help

66/1200= ,055=5,5% interest

2007-11-11 04:06:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋

66 divided by 1200 then x 100 to get per cent

5.5%

2007-11-11 12:07:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋

5 1/2 %

2007-11-11 12:08:30 · answer #3 · answered by jim1 5 · 0⤊ 0⤋

66 divided by 1200 equals .055 or 5.5 percent.

2007-11-11 12:09:13 · answer #4 · answered by just a man 4 · 0⤊ 0⤋

5.5%, which is rather steep, as most companies charge 1.5%

2007-11-11 12:08:29 · answer #5 · answered by Experto Credo 7 · 0⤊ 0⤋

5.5%. $1200 * 5.5% = $66.00

2007-11-11 12:06:50 · answer #6 · answered by Michelle 4 · 0⤊ 0⤋