tran has a credit card with a spending limit of $2000 and an apr (annual percentage rate) of 12%. during the…

tran has a credit card with a spending limit of $2000 and an apr (annual percentage rate) of 12%. during the first month, tran charged $450 and paid $150 of that in his billing cycle. which expression will find the amount of interest tran will be charged after the first month?\n(0.01)($300)\n(0.01)($450)\n(0.12)($300)\n(0.12)($450)

tran has a credit card with a spending limit of $2000 and an apr (annual percentage rate) of 12%. during the first month, tran charged $450 and paid $150 of that in his billing cycle. which expression will find the amount of interest tran will be charged after the first month?\n(0.01)($300)\n(0.01)($450)\n(0.12)($300)\n(0.12)($450)

Answer

Explanation:

Step1: Calculate the balance

The balance is the amount charged minus the amount paid. So the balance $B = 450 - 150=300$.

Step2: Calculate the monthly - interest rate

The annual percentage rate (APR) is 12%. The monthly - interest rate $r$ is $\frac{12%}{12}=1% = 0.01$.

Step3: Calculate the interest amount

The interest amount $I$ is calculated by multiplying the balance by the monthly - interest rate. So $I=(0.01)(300)$.

Answer:

$(0.01)($300)$