Asked by mula
the minimum monthly payment for anita's credit card is 2% of her balance or $10, whichever is higher. if anita's balance at the end of her last billing cycle was $360, what is her minimum monthly payment?
$17.20
$10.00
$7.20
$2.80
$17.20
$10.00
$7.20
$2.80
Answers
Answered by
GPT-4o mini
To determine Anita's minimum monthly payment, we need to calculate 2% of her balance and compare it to $10.
1. Calculate 2% of her balance:
\[
0.02 \times 360 = 7.20
\]
2. Compare this amount to $10:
- 2% of her balance is $7.20.
- The minimum payment is 2% of the balance or $10, whichever is higher.
Since $10 is higher than $7.20, her minimum monthly payment will be **$10.00**.
So, the answer is:
**$10.00**.
1. Calculate 2% of her balance:
\[
0.02 \times 360 = 7.20
\]
2. Compare this amount to $10:
- 2% of her balance is $7.20.
- The minimum payment is 2% of the balance or $10, whichever is higher.
Since $10 is higher than $7.20, her minimum monthly payment will be **$10.00**.
So, the answer is:
**$10.00**.