Caitlyn has a credit card with a spending limit of $1500 and an APR (annual percentage rate) of 18%. During the first month, Cai

Question

3 years ago

10

Caitlyn has a credit card with a spending limit of $1500 and an APR (annual percentage rate) of 18%. During the first month, Cai

tlyn charged $375 and paid $250 of that in her billing cycle. Which expression will find the amount of interest Caitlyn will be charged after the first month?

Mathematics

2 answers:

Sindrei [870] · Answer 1 · 2022-05-21T07:58:42+03:00

Sindrei [870]3 years ago

6 0

Answer:

D

Step-by-step explanation:

took the test

anzhelika [568] · Answer 2 · 2022-05-21T06:57:26+03:00

anzhelika [568]3 years ago

5 0

APR=18%
Monthly interest = 18/12=1.5%
If Caitlyn paid before due date,
amount liable for interest charges = 375-250 = $125
Interest charge for the month
=$125*1.5%
=$1.88

If a single expression is required, then
interest = (375-250)*0.018/12 = $1.88 to the nearest cent.