marilyn has two credit cards, d and e. card d has a balance of \$691.64, and card e has a balance of \$1,014.22. the minimum monthly payment on card d is 3.57\% of the total balance, and the minimum monthly payment on card e is 2.51\% of the total balance. how much greater is the minimum payment on card e than on card d?
a. \$18.85
b. \$8.10
c. \$11.24
d. \$0.77

Question

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Credit Card Minimum Payment" ], "new_concepts": [], "current_concepts": [ "Credit Card Minimum Payment" ] } ## Calculate the minimum payment for Card D Using the *Credit Card Minimum Payment* knowledge point $$ \begin{aligned} P_D &= \$691.64 \times 3.57\% \ P_D &= 691.64 \times 0.0357 \ P_D &\approx \$24.6915 \end{aligned} $$ ## Calculate the minimum payment for Card E Using the *Credit Card Minimum Payment* knowledge point $$ \begin{aligned} P_E &= \$1,014.22 \times 2.51\% \ P_E &= 1014.22 \times 0.0251 \ P_E &\approx \$25.4569 \end{aligned} $$ ## Find the difference between the payments Using the *Credit Card Minimum Payment* knowledge point $$ \begin{aligned} \text{Difference} &= P_E - P_D \ \text{Difference} &= 25.4569 - 24.6915 \ \text{Difference} &\approx \$0.7654 \approx \$0.77 \end{aligned} $$

a. $18.85

b. $8.10

c. $11.24

d. $0.77

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Finance", "Credit Card Minimum Payment" ] }

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Question

Explanation:

Calculate the minimum payment for Card D

Calculate the minimum payment for Card E

Find the difference between the payments

Answer: