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?
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.
