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

question 6

Short Answer

Use the formula $i = P r t$ to reach a solution for the following problem. One month a credit card company charged $15.84 in interest on a balance of $2,376. What annual interest rate is the credit card company charging? __________%

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Definitions:

Industry Leader

A company or organization that is the most advanced or successful in its sector, often setting standards and trends.

Handling Charges

Fees assessed for the process of managing or dealing with goods, typically covering services like packing, shipping, and delivery.

Online Shoe Retailer

A business that sells shoes through the internet, enabling customers to purchase footwear online.

All-inclusive Vacation

A holiday package which includes not just accommodation but also food, drinks, activities, and entertainment, often at a resort.