Use the Formula $I = P r t$ To Reach a Solution for the Following Problem

question 18

Multiple Choice

Use the formula $I = P r t$ to reach a solution for the following problem.
One month a credit card company charged $9.27 in interest on a balance of $3,708 . What annual interest rate is the credit card company charging?

• A) 5%
• B) 3.5%
• C) 2%
• D) 3%
• E) none of these