Chantal has an outstanding balance of $254.85 on a credit card. The minimum monthly payment is 13% or $25.00, whichever is more. What is the minimum monthly payment?
a. $33.13
c. $25.00
b. $38.13
d. $21.00
The minimum monthly payment is 13% of the outstanding balance or $25.00, whichever is more.
0.13 * 254.85 = $33.13
Therefore, the minimum monthly payment is $33.13, which is greater than $25.00.
So, the answer is a. $33.13