Question

The minimum monthly payment for Andrew's credit card is 2% of his balance or $20, whichever is higher. If Andrew's balance at the end of his last billing cycle was $870, what is his minimum monthly payment?

Answer 1

A.$7.20
B.$17.40
C.$4.80
D.$20.00

Answer 2

And the cycle is a year right?

Answer 3

yes

Answer 4

sorry i disconnected @AndrewIsHere

Answer 5

it ok :)

Answer 6

Hmm the question is a bit confusing to me. Does he get billed 20% every $20 or every month with a minimum of $20

Answer 7

2% of his balance or $20, whichever is higher

Answer 8

ok this is what I would do

Answer 9

\[(2\div100)($870)\]

Answer 10

Can you figure it out?

Answer 11

i think it is 20 but i dont know

Answer 12

\[2\div100 = 1/50 \]

Answer 13

Now multiply 1/50 to $870 and you get 87/5 or $17.4

Answer 14

So the answer is B

Answer 15

oh ok thanks

Answer 16

Np