Question

Oakley charged $795 to his credit card last month. What is the first minimum payment he must make? (2 points)$25.00

Answer 1

Answer:

$31.80

Step-by-step explanation:

The complete question is

Use the details of Oakley's new credit card to answer the question that follows. APR 11.9% compounded monthly Grace Period 28 days Minimum Payment 4% of the remaining balance or $25, whichever is higher Oakley charged $795 to his credit card last month. What is the first minimum payment he must make?

step 1

Find out the 4% of the balance of $795

$0.04(795)=\ 31.80$

so

$\ 31.80 >\ 25$

This amount is higher than $25,

therefore

The first minimum payment he must make is $31.80