Question

Darryl’s credit card has a minimum monthly payment of 2.51% of the card’s balance. If Darryl currently owes $1,431.72, what is his minimum payment, to the nearest cent?

Answer 1

$35.94.

Explanation:

We have been given that Darryl’s credit card has a minimum monthly payment of 2.51% of the card’s balance. Darryl currently owes $1,431.72.

To find the minimum payment we will have to calculate 2.51% of $1431.72.

`\text{Minimum monthly payment}=(2.51)/(100)*\$1,431.72`

`\text{Minimum monthly payment}=0.0251*\$1,431.72`

`\text{Minimum monthly payment}=\$35.936172`

Upon rounding our answer to nearest cent we will get,

`\text{Minimum monthly payment}\approx \$35.94`

Therefore, the minimum monthly payment to the nearest cent will be approximately $35.94.

Answer 2

Darryl’s credit card has a minimum monthly payment of 2.51% of the card’s balance.
Darryl currently owes $1,431.72. Let's solve his minimum payment.
=> 1,431.72 * 0.0251 = 35.94 dollars
=> 1,431.72 + 35.94 dollars = 1467.656172 or 1467.7 dollars.