Question

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

Answer 1

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.