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27 February, 06:27

Grace Wang has an overdraft protection line. Assume that her October 2020 statement showed a latest (new) balance of $452. If the line had a minimum monthly payment requirement of 4 percent of the latest balance, then what would be the minimum amount she'd have to pay on her overdraft protection line?

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  1. 27 February, 06:43
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    Answer: $18.08

    Explanation:

    The line has a minimum monthly payment requirement of 4 percent of the latest balance.

    Ms. Wang's latest balance shows $452 so we will then take 4% of that and that would be the minimum amount she is to pay.

    = 452 * 0.04

    = $18.08

    $18.08 is the minimum amount she'd have to pay on her overdraft protection line.
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