Amar owes $2,000 on his credit card with a minimum percentage of 4% or a minimum payment of $60, whichever is higher. How much is the minimum payment due?

Name: Amar owes $2,000 on his credit card with a minimum percentage of 4% or a minimum payment of $60, whichever is higher. How much is the minimum payment due?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The minimum payment is calculated as 4% of $2,000, which is $80. Since $80 is higher than the alternative minimum of $60, the minimum payment due is $80.

Amar Owes $2,000 on His Credit Card with a Minimum