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20 April, 12:17

4) Manuel has an outstanding credit balance of $1117.00 on a credit card. The minimum

monthly payment is 7% or $20.00, whichever is more. How much is his monthly

payment? (2 marks)

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Answers (1)
  1. 20 April, 13:57
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    Answer: $78.19

    Work Shown:

    7% of balance = 7% of 1117.00 = 0.07*1117.00 = 78.19

    Since 78.19 is larger than 20.00, we go with 78.19 as the minimum monthly payment.
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