QUESTION 9
Solve the problem.
Hamlet has a credit card balance of $ \$ 3790.58 $ with an annual percentage rate of $ 24.2 \% $. His card requires a minimum payment of $ 2 \% $ of the total balance. What is his minimum payment?
$ \$ 24.20 $
$ \$ 917.32 $
$ \$ 758.12 $
$ \$ 75.81 $

Answer

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Answer

$\text{Minimum Payment} = \$ 75.8116 $

Steps

Step 1 ：$\text{Minimum Payment} = \text{Balance} \times \text{Minimum Payment Rate}$

Step 2 ：$\text{Minimum Payment} = \$ 3790.58 \times 0.02 $

Step 3 ：$\text{Minimum Payment} = \$ 75.8116 $