Otto charged $445 to his credit card last month. What is the first minimum payment he must make?
$55.63

$44.50

$30.00

$31.15

Question

Otto charged $445 to his credit card last month. What is the first minimum payment he must make?
 $55.63

 $44.50

 $30.00

 $31.15

anonymous · Answer

APR	12.5% compounded monthly
Grace Period	28 days
Minimum Payment	7% of the remaining balance or $30, whichever is higher

anonymous · Answer

a large sum of $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

anonymous · Answer

?

anonymous · Answer

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

anonymous · Answer

stupid computer

jdoe0001 · Answer

hehhe

jim_thompson5910 · Answer

it tells you what to do right in the instructions

jdoe0001 · Answer

so, what do you think?

anonymous · Answer

but I don't understand how to do it ?...

jdoe0001 · Answer

apr is 12.5%

jdoe0001 · Answer

what's an apr?

anonymous · Answer

Annual Prectage rate .

jdoe0001 · Answer

well, that what it stands for, but anyhow

jdoe0001 · Answer

so he charged 445

now he has to pay some minimum

7% is the minimum  payment the credit card company accepts
OR
a flat $30
whichever is higher

so, what do you think will be his minimum payment?

anonymous · Answer

O.o the credit card

jdoe0001 · Answer

o, what do you think will be his minimum payment?

you're given 2 choices for the minimum payment, btw

anonymous · Answer

the 7 percent

jdoe0001 · Answer

why so?
anything wrong with just charging him $30 flat?