Problem

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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Hide Steps

Answer

$Minimum Payment = $ 75.8116$

Steps

Step 1 ： $Minimum Payment = Balance \times Minimum Payment Rate$

Step 2 ： $Minimum Payment = $ 3790.58 \times 0.02$

Step 3 ： $Minimum Payment = $ 75.8116$

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