Question

show your work for each problem.
1: percentage of balance

• if the balance is $500.00 and the minimum payment required is 2%. calculate the minimum payment.

calculation:
$500 × ____ = ____
minimum payment: $______

Explanation:

Step1: Convert percentage to decimal

$2\% = \frac{2}{100} = 0.02$

Step2: Multiply balance by decimal

$\$500 \times 0.02 = \$10$

Answer:

Minimum payment: $\$10$