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? (0.01)($300) (0.01)($450) (0.12)($300) (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? (0.01)($300) (0.01)($450) (0.12)($300) (0.12)($450)

Answer

Explanation:

Step1: Calculate the balance

First, find the balance after the payment. The amount charged is $450 and the amount paid is $150. So the balance $B=450 - 150=300$.

Step2: Calculate the monthly - interest rate

The annual percentage rate (APR) is 12%. To get the monthly - interest rate $r$, divide the APR by 12. So $r=\frac{12%}{12}=1% = 0.01$.

Step3: Calculate the interest

The interest $I$ is calculated by multiplying the balance by the monthly - interest rate. So $I = r\times B=0.01\times300$.

Answer:

(0.01)($300)