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Morgan Tyler’s VISA balance is $1,841.49. He may pay it off in 12 equal end-of-month payments...

Morgan Tyler’s VISA balance is $1,841.49. He may pay it off in 12 equal end-of-month payments of $185 each. Click here to view factor tables What interest rate is Morgan paying? (Round answer to 1 decimal place, e.g. 8.5%.)

Interest Rate: % per month

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Answer #1

Computation of Interest rate

$1841.49 = $185 (Interest rate per month)

Interest rate per month = $1841.49 / $185

= 9.954

Interest rate is 3% per month

for 12 months is 36%.

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