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?

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.

The expression which will find the amount of interest Tran will be charged after the first month is (0.01)(300)

Here 0.01 because it is 1 month tax. 300 is remaining amount as Tran used $450 but paid $150.

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fichoh fichoh · Answer 2 · 2021-11-11T05:22:40+01:00

The amount of interest charged is the product of the balance left and the monthly interest rate. Hence, the expression is (300)(0.01)

Given the Parameters :

Amount charged = $450
Amount paid = $150

The interest charged in the first month :

Monthly interest rate = (Annual percentage rate ÷ number of months per year)

Number of moths per year = 12

Monthly interest rate = (12% ÷ 12) = 0.12 ÷ 12 = 0.01 = 1%

Amount left = (Amount charged - Amount paid)

Amount left = $450 - $150 = $300

Therefore, the amount of interest Tran will ba charged after the first month is ;

Amount left × monthly rate

Expression for amount of interest charged = (300)(0.01).

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