Question

The minimum monthly payment for Anita‘s credit card is 2% of her balance or $10 which ever is higher if I need is balance at the end of her last billing cycle was $360 what is her minimum monthly payment

Answer 1

balance = $360

2% of balance = 0.02*360 = 7.20

Since $10 is larger than $7.20, this means the min monthly payment is $10

Answer: 10