Answered

Marilyn has two credit cards, D and E. Card D has a balance of $691.64, and Card E has a balance of $1,014.22. The minimum monthly payment on Card D is 3.57% of the total balance, and the minimum monthly payment on Card E is 2.51% of the total balance. How much greater is the minimum payment on Card E than on Card D? a. $18.85 b. $8.10 c. $11.24 d. $0.77

Verified Answer :

wall88

the answer is D-$0.77, i need 20 characters for this to be answer so this is all extra.

Answer:

D. $ 0.77

Step-by-step explanation:

Given,

In card D,

Balance = $ 691.64,

Percentage of minimum monthly payment = 3.57%,

Thus, the minimum payment = 3.57% of 691.64

\(=\frac{3.57\times 691.64}{100}\)

\(=\frac{2469.1548}{100}\)

≈ $ 24.69,

In card E,

Balance = $ 1,014.22,

Percentage of minimum monthly payment = 2.51%,

Thus, the minimum payment = 2.51% of 1014.22

\(=\frac{2.51\times 1014.22}{100}\)

\(=\frac{2545.6922}{100}\)

≈ $ 25.46,

∵ Minimum payment in card E > Minimum balance in card D,

Thus, the difference between minimum balance in card E and minimum balance in D = 25.46 - 24.69 = $ 0.77

Hence, OPTION D is correct.

Related Questions