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

$1550x.025= 38.75
Answer: 38.75

Answer 2

Minimum monthly payment will be $
`38.75\\`

Explanation:

Minimum monthly payment at the rate of
`2.5\\` %

`= (2.5)/(100) * 1550\\= 38.75\\`

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