Question

Scenario:
card X: $1,000 balance, 18% APR, 3% of balance, or $20 minimum payment (whichever is greater)
card Y: $1,000 balance, 12% APR, 2% of balance, or $30 minimum payment (whichever is greater)
For each statement, indicate whether it applies to Card X, Card Y, Both, or Neither.
(2 points)
Card X
Card Y
Both
Neither
It has an 18% APR.
O
Ο
The minimum payment is $30.
Ο
O
O
Ο
Among these two, this card's minimum payment amount is higher.
Ο
Ο
Ο
Ο
It has a 12% APR.
O
O
Ο
Ο

Answer 1

It has an 18% APR. — Card X

The minimum payment is $30. — Both

Among these two, this card's minimum payment amount is higher. — Neither

It has a 12% APR. — Card Y