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On Alec's most recent credit card statement, his balance was $320\$320. The minimum payment due was $20\$20, but he decided to pay $120\$120. His interest rate is 19%19\%.\newlineWhich statement is true?\newlineChoices:\newline(A) Alec will not be charged any interest.\newline(B) Alec will be charged interest on the $200\$200 he still owes.\newline(C) Alec will be charged interest on the $320\$320 he spent.

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Q. On Alec's most recent credit card statement, his balance was $320\$320. The minimum payment due was $20\$20, but he decided to pay $120\$120. His interest rate is 19%19\%.\newlineWhich statement is true?\newlineChoices:\newline(A) Alec will not be charged any interest.\newline(B) Alec will be charged interest on the $200\$200 he still owes.\newline(C) Alec will be charged interest on the $320\$320 he spent.
  1. Calculate Remaining Balance: Step 11: Calculate the remaining balance after Alec's payment.\newlineAlec's initial balance = $320\$320\newlinePayment made = $120\$120\newlineRemaining balance = $320\$320 - $120\$120 = $200\$200
  2. Determine Interest Amount: Step 22: Determine the amount on which interest will be calculated.\newlineSince Alec has paid part of his balance, the interest will be charged on the remaining balance, not the original amount.\newlineAmount subject to interest = $200\$200
  3. Compare Statements: Step 33: Compare the statements to find the correct one.\newline(A) Alec will not be charged any interest. - This is incorrect because there is a remaining balance.\newline(B) Alec will be charged interest on the $200\$200 he still owes. - This matches our calculation.\newline(C) Alec will be charged interest on the $320\$320 he spent. - This is incorrect as interest is only on the remaining balance after payment.

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