Final answer:
To determine Zach's minimum payment, one needs to know his exact balance due to the comparison between a flat rate and a percentage required. For a $2,000 balance, 2.5% ($50) would be higher than the $10 flat rate, and therefore his payment would be $50. This highlights the significance of understanding credit card payment calculations and their impact over time.
Step-by-step explanation:
The question regarding how much Zach’s first minimum payment on his credit card would be can be answered using basic percentage calculations and comparison. As per the information provided, Zach has two options for his minimum payment: a flat rate of $10 or 2.5% of his balance.
To determine which is higher, we would need the actual balance. However, based on the example provided where a balance of $2,000 requires a minimum payment of roughly 3% which amounts to $60, we can deduce that in cases where the flat rate would be less than the percentage of the balance, Zach would have to pay the percentage of the balance. As 2.5% of $2,000 is $50, which is higher than the $10 flat rate, for this balance, he would have to pay $50.
In a more general approach, for any given balance, we can calculate 2.5%, and if it turns out to be greater than $10, that will be the minimum payment. If it's lower, then Zach's minimum payment would be $10. This scenario underlines the importance of understanding how credit card payments are structured and the long-term implications of only making minimum payments, as it could result in paying significantly more over time due to interest.