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Is there a monthly usage limit of $120 for the regular OpenAI API, and does the same limit apply to Azure OpenAI Service?
There is no monthly quota limit for Azure OpenAI Service. How ever, There are default quota and limitations that apply to Azure OpenAI:
Please see the documentation Azure OpenAI Service quotas and limits and Azure OpenAI Service frequently asked questions for more details.
Also, you can set a monthly spending limit on Azure subscriptions. Please refer to this documentation to know more information: https://learn.microsoft.com/en-us/azure/cost-management-billing/manage/spending-limit
I hope this helps. Do let us know if you need any further help.
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