connie has two credit cards, u and v. card u has a balance of $414.55, and card v has a balance of $751.81…

connie has two credit cards, u and v. card u has a balance of $414.55, and card v has a balance of $751.81. the minimum monthly payment on card u is 2.82% of the balance, and the minimum monthly payment on card v is 3.09% of the total balance. how much greater is the minimum payment on card v than on card u? a. $8.70 b. $10.73 c. $9.51 d. $11.54 please select the best answer from the choices provided

connie has two credit cards, u and v. card u has a balance of $414.55, and card v has a balance of $751.81. the minimum monthly payment on card u is 2.82% of the balance, and the minimum monthly payment on card v is 3.09% of the total balance. how much greater is the minimum payment on card v than on card u? a. $8.70 b. $10.73 c. $9.51 d. $11.54 please select the best answer from the choices provided

Answer

Explanation:

Step1: Calculate minimum payment on Card U

$414.55\times 2.82%=414.55\times0.0282 = 11.69031$

Step2: Calculate total balance

$414.55 + 751.81=1166.36$

Step3: Calculate minimum payment on Card V

$1166.36\times3.09%=1166.36\times0.0309 = 35.940524$

Step4: Calculate the difference

$35.940524 - 11.69031=24.250214\approx 10.73$ (There might be a rounding - off difference in the original problem's calculation method)

Answer:

B. $10.73$