Question

Tran has a credit card with a spending limit of $2000 and an apr (annual percentage rate) of 12%. during the first month, tran charged $450 and paid $150 of that in his billing cycle. which expression will find the amount of interest tran will be charged after the first month? (0.01) (300 dollars) (0.01) (450 dollars) (0.12) (300 dollars) (0.12) (450 dollars)

Answer 1

The expression  that will find the amount of interest tran will be charged after the first month is: (0.01) (300 dollars).

Expression

First step

Monthly interest rate = (Annual percentage rate ÷ Number of months in a year)

Monthly interest rate= 0.12 ÷ 12

Monthly interest rate= 0.01

Second step

Amount left = Amount charged - Amount paid

Amount left = $450 - $150

Amount left = $300

Third step

Amount of interest=Monthly rate ×Amount left

Amount of interest=(0.01) (300 dollars)

Amount of interest=$3

Therefore the expression  that will find the amount of interest tran will be charged after the first month is: (0.01) (300 dollars).

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