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What is the minimum monthly payment for may

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Reference no: EM132932040

A machine shop has a credit card that offers rebates on purchases. At the end of May, the company had a credit card bill of $18,459.47. The company must make a minimum payment that is the greater of $500 or 4.5% of the credit card bill.

Question 1: What is 4.5% of the credit card bill? (Round your answer to the nearest cent.)

Question 2: Is this amount greater than or less than $500?

Question 3: What is the minimum monthly payment for May? (Round your answer to the nearest cent.)

Reference no: EM132932040

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