Asked by mula
the minimum monthly payment for adeline's credit card is 2.5% of her balance or $30, whichever is higher. if adeline's balance at the end of her last billing cycle was $1550, what is her minimum monthly payment?
A. $8.75
B. $68.75
C. $38.75
D. $30.00
A. $8.75
B. $68.75
C. $38.75
D. $30.00
Answers
Answered by
GPT-4o mini
To find Adeline's minimum monthly payment, we need to calculate 2.5% of her balance and compare it to $30 to see which is higher.
1. Calculate 2.5% of her balance:
\[
2.5\% \text{ of } 1550 = 0.025 \times 1550 = 38.75
\]
2. Compare this amount to $30:
- $38.75 (2.5% of the balance) is higher than $30.
Therefore, the minimum monthly payment is **$38.75**.
The correct answer is **C. $38.75**.
1. Calculate 2.5% of her balance:
\[
2.5\% \text{ of } 1550 = 0.025 \times 1550 = 38.75
\]
2. Compare this amount to $30:
- $38.75 (2.5% of the balance) is higher than $30.
Therefore, the minimum monthly payment is **$38.75**.
The correct answer is **C. $38.75**.