Answer: The amount that Kristen would owe three months from now is $67.5
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the loan.
P represents the principal or the current balance.
R represents interest rate
T represents the duration for which the account is overdue in years.
From the information given,
P = 1500
R = 18%
T = 3 months = 3/12 = 0.25 year
I = (1500 × 18 × 0.25)/100 = $67.5
