Math / Numbers & Operations

Question7) Joy's monthly statement includes the following items: - previous balance: $\$ 1638.92$ - payment: $\$ 650.00$ - purchases: \ $879.54 - minimum monthly payment corresponds to at least$ 5 \% $of her ending balance or$ \ $10.00$ whichever is greater. a) Calculate Joy's new balance. b) Calculate Joy's minimum monthly payment.

Studdy Solution
Compare $5\%$ of the new balance with $\$10.00$ to determine the minimum monthly payment:
Since $93.423$ is greater than $10.00$ , the minimum monthly payment is $93.423$ .
The results are as follows: a) Joy's new balance is $\$1868.46$ . b) Joy's minimum monthly payment is $\$93.42$ (rounded to the nearest cent).

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