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May currently has a balance of $1,817.43 on her credit card. If she must make a minimum monthly payment of 3.44% of her total balance, what is her minimum payment, to the nearest cent? a. $5.21 b. $62.52 c. $40.84 d. $51.49

Respuesta :

donut17
To get the answer, you have to multiply 1,817.43 by 0.0344 (decimal form of 3.44%). So that would equal 62.52. 
B. $62.52

The monthly payment is option (b) $62.52

What is monthly payment?

By making monthly payments, a borrower pays down some of the outstanding balance with interest and therefore can continuously use the account for borrowing

Current balance=$1817.43

She must make a minimum monthly payment of 3.44% of her total balance

Therefore 3.44% of $1817.43 is

[tex]=1817.43\frac{3.44}{100}[/tex]

=1817.43×0.0344

=$62.52

Hence, The monthly payment is option (b) $62.52

Learn more about monthly payment here

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