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seropon [69]
2 years ago
9

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

Mathematics
1 answer:
DaniilM [7]2 years ago
4 0

Answer:

$31.80

Step-by-step explanation:

<u><em>The complete question is</em></u>

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

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