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Strike441 [17]
3 years ago
6

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

tlin charged $375 and paid $250 of that in her billing cycle. Which expression will find the amount of interest Caitlin will be charged after the first month?
Business
1 answer:
gayaneshka [121]3 years ago
8 0
Given:
Spending limit: 1500
APR: 18%
Purchases: 375
Payment 250

Divide the APR by 360 days and multiply it by 30 days to get the monthly rate.

18% / 360 = 0.05% 
0.05% x 30 = 1.5%

1.5% will be multiplied to the remaining balance in the first month.

375 - 250 = 125
125 x 1.5% = 1.875 

1.875 is the interest charged after the first month. 
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If a 30% change in the price of grape soda leads to a 45% change in quantity demanded, then what is the price elasticity of dema
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