Chantal has an outstanding balance of $245.42 on a credit card. The minimum monthly payment is 12% or $20.00, whichever is more. What is the minimum monthly payment?
A $34.45
B $29.45
C $16.00
D $20.00
The minimum monthly payment is 12% of the outstanding balance. To find this, calculate 12% of $245.42:
12% * $245.42 = $29.45
Since the minimum monthly payment is whichever is more between 12% or $20.00, the minimum monthly payment is $29.45.
Therefore, the correct answer is B) $29.45.