Answer:
To calculate Bristol's next minimum monthly payment, you'll need to consider the 3.5% minimum payment requirement and any new purchases. Here's how you can calculate it:
1. First, calculate the minimum payment based on the current statement balance:
Minimum Payment = Current Statement Balance x Minimum Payment Percentage
Minimum Payment = $4,186.19 x 0.035 = $146.06 (rounded to the nearest cent)
2. Bristol also made $750.00 in new purchases. So, add the new purchases to the minimum payment:
Minimum Payment + New Purchases = $146.06 + $750.00 = $896.06
So, Bristol's next minimum monthly payment will be $896.06.