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Bradley currently has a Visa card from his bank with the following terms: 21 percent on purchases, 25 percent on cash advances with a 3 percent cash-advance fee on the amount, and a default or penalty rate of 33 percent. His current statement shows a balance of $9,000. Lately, he has been having a hard time paying more than the minimum payment of 3 percent of his balance.
What is Bradley's minimum payment?

Respuesta :

Answer:

$270

Explanation:

Provided that

Following percentages given

On purchase = 21%

Cash advances + cash advance fee = 25% + 3%

Current statement balance = $9,000

Minimum payment percentage = 3%

By considering the above information, the minimum payment is

= Current statement balance × Minimum payment percentage

= $9,000 × 3%

= $270

By multiplying the current statement balance with the minimum payment percentage we can get the minimum payment

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