Question

connie has two credit cards, u and v. card u has a balance of $414.55, and card v has a balance of $751.81. the minimum monthly payment on card u is 2.82% of the balance, and the minimum monthly payment on card v is 3.09% of the total balance. how much greater is the minimum payment on card v than on card u?
a. $8.70
b. $10.73
c. $9.51
d. $11.54

please select the best answer from the choices provided
a
b
c
d

Explanation:

Calculate the minimum monthly payment for Card U

$$ P_U = 414.55 \times 0.0282 \approx 11.69031 $$

Calculate the minimum monthly payment for Card V

$$ P_V = 751.81 \times 0.0309 \approx 23.230929 $$

Find the difference between the two payments

$$ \Delta P = P_V - P_U = 23.230929 - 11.69031 \approx 11.540619 \approx 11.54 $$

Answer:

• a. $8.70
• b. $10.73
• c. $9.51
• d. $11.54 (Correct answer)