Solve the problem. Assume that the minimum payment on a credit card is the greater of $27 or 3% of the unpaid balance.
-Find the minimum payment on an unpaid balance of $1584.40.
A) $52.53
B) $47.53
C) $27.00
D) $475.32

Question

Quizplus · Accepted Answer

The minimum payment is the greater of $27 or 3% of the unpaid balance.
3% of $1584.40 is 0.03 x 1584.40 = $47.53
Since $47.53 is greater than $27, the minimum payment is $47.53. Thus, the answer is choice B. 3% of $1584.40 is $47.53, which is greater than the minimum payment of $27. Therefore, the minimum payment on an unpaid balance of $1584.40 would be $47.53. Choice B is the only option that matches this amount.

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