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? \( \$ 24.20 \) \( \$ 917.32 \) \( \$ 758.12 \) \( \$ 75.81 \)
Solution
Step 1 ：\(\text{Minimum Payment} = \text{Balance} \times \text{Minimum Payment Rate}\)
Step 2 ：\(\text{Minimum Payment} = \$ 3790.58 \times 0.02 \)
Step 3 ：\(\text{Minimum Payment} = \$ 75.8116 \)
