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Kristen reads her credit card statement at the end of the month. She has a balance of $115\$115, and her interest rate is 18%18\%. Kristen decides to make the minimum payment of $25\$25. \newlineWhich statement is true?\newlineChoices:\newline(A) Kristen will not be charged any interest.\newline(B) Kristen will be charged interest on the $90\$90 she still owes.\newline(C) Kristen will be charged interest on the $115\$115 she spent.

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Q. Kristen reads her credit card statement at the end of the month. She has a balance of $115\$115, and her interest rate is 18%18\%. Kristen decides to make the minimum payment of $25\$25. \newlineWhich statement is true?\newlineChoices:\newline(A) Kristen will not be charged any interest.\newline(B) Kristen will be charged interest on the $90\$90 she still owes.\newline(C) Kristen will be charged interest on the $115\$115 she spent.
  1. Identify Remaining Balance: Step 11: Identify the remaining balance after the payment.\newlineKristen's initial balance is $115\$115, and she pays $25\$25.\newlineCalculation: $115−$25=$90\$115 - \$25 = \$90.
  2. Calculate Interest Charged: Step 22: Calculate the interest charged on the remaining balance.\newlineInterest rate is 18%18\% annually, but credit card interest is typically applied monthly. Therefore, we need to calculate the monthly interest rate.\newlineCalculation: 18%/12=1.5%18\% / 12 = 1.5\% per month.
  3. Apply Monthly Interest Rate: Step 33: Apply the monthly interest rate to the remaining balance.\newlineCalculation: 1.5%1.5\% of $90\$90 = $90×0.015\$90 \times 0.015 = $1.35\$1.35.

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