Answers FowU - Financial Math - B Topic TestQuestion 10

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Topic Test

Question 10 • FowU - Financial Math - B

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?

Answer

A

$18.85

B

$8.10

C

$11.24

D

$0.77

Explanation

Card D’s minimum payment is $691.64 × 0.0357 = about $24.69. Card E’s minimum payment is $1,014.22 × 0.0251 = about $25.46. Subtracting gives $25.46 − $24.69 = $0.77, so the minimum payment on Card E is $0.77 greater: choice D.

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