caitlyn has a credit card with a spending limit of $1500 and an apr (annual percentage rate) of 18%. during…

caitlyn has a credit card with a spending limit of $1500 and an apr (annual percentage rate) of 18%. during the first month, caitlyn 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?\n(0.18)($250)\n(0.015)($375)\n(0.18)($375)\n(0.015)($125)

caitlyn has a credit card with a spending limit of $1500 and an apr (annual percentage rate) of 18%. during the first month, caitlyn 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?\n(0.18)($250)\n(0.015)($375)\n(0.18)($375)\n(0.015)($125)

Answer

Explanation:

Step1: Calculate monthly interest rate

The APR is 18% or 0.18 in decimal. The monthly - interest rate $r$ is calculated by dividing the APR by 12. So, $r=\frac{0.18}{12}=0.015$.

Step2: Calculate the balance

Caitlyn charged $375$ and paid $250$. The balance $b$ is $375 - 250=125$.

Step3: Calculate the interest

The interest $I$ is calculated by multiplying the monthly - interest rate by the balance. So, $I = 0.015\times125$.

Answer:

$(0.015)($125)$