What is the first minimum payment must make

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Use the details of Patti's new credit card to answer the question that follows.

APR | 19.1% compounded monthly

Grace Period| 30 days

Minimum Payment| 3.5% of the remaining balance or $10, whichever is higher

Problem 1: Patti charged $425 to her credit card last month. What is the first minimum payment she must make?

A. $14.88

B. $81.18

C. $10.00

D. $42.50

Reference no: EM132729597

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