Question

youre still thinking about getting a car loan, and youre searching for ways to build your credit. your credit card has a $2,000 spending limit, and your current balance is $750. your apr is 22 percent, and your minimum monthly payment is 3 percent of your balance. how much is your minimum monthly payment for this month? $22.50 $60 $176 $800

Explanation:

Step1: Identify relevant values

Current balance = $750, Percentage of minimum payment = 3% or 0.03

Step2: Calculate minimum payment

Minimum payment = Current balance×Percentage of minimum payment = 750×0.03
$750\times0.03 = 22.5$

Answer:

A. $22.50