@John_ES @jim_thompson5910

The minimum monthly payment for Conrad's credit card is 2% of his balance or $20, whichever is greater. If Conrad's balance at the end of his last billing cycle was $760, what is his minimum monthly payment?

A. $7.20
B. $4.80
C. $15.20
D. $20.00

Question

@John_ES @jim_thompson5910 

The minimum monthly payment for Conrad's credit card is 2% of his balance or $20, whichever is greater. If Conrad's balance at the end of his last billing cycle was $760, what is his minimum monthly payment?

 		A.	$7.20
 		B.	$4.80
 		C.	$15.20
 		D.	$20.00

john_es · Answer

First, calculate the 2% of the quantity that Conrad has paid,
$$\frac{2}{100}\cdot 760=15.20 $$$ Now compare this quantity with 20$. As 20>15.20, Conrad must pay 20$, because we must choose the greater.

anonymous · Answer

$20.00 is the answer