Question

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?

Answer 1

Answer:

Minimum monthly payment will be $$38.75$

Step-by-step explanation:

Minimum monthly payment at the rate of $2.5$ %

$= \frac{2.5}{100} * 1550\\= 38.75$

Out of $$30$ or $$38.75$, $$38.75$ is large, thus it will be the minimum monthly payment.

Answer 2

$1550x.025= 38.75 
Answer: 38.75