19) Manuel has an outstanding credit balance of $1295.00 on a credit card. The minimum monthly payment is 7% or $20.00, whichever is more.
What is the minimum monthly payment?
a. $16.00
c. $90.65
b. $20.00
d. $95.65
The minimum monthly payment is 7% of the outstanding credit balance, which means it is $1295.00 x 7% = $90.65.
Since $90.65 is more than $20.00, the minimum monthly payment is $90.65.
Therefore, the answer is c. $90.65.