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

Hi there

2%=0.02

2% of 870

0.02×870=17.4
whichever is higher
20 is higher than 2%

So the minimum monthly payment is
20

Good luck!

Answer 2

$
`$ 20\\`

Explanation:

The minimum monthly payment at the rate of
`2 \\` %

`= (2)/(100) * 870\\= 17.4\\`

Thus, the minimum monthly payment would be

$
`$ 20\\`