The minimum monthly payment for fern's credit card is 2.5% of her balance or $40, whichever is higher. if fern's balance at the end of her last billing cycle was $1950, what is her minimum monthly payment?

a.$48.75
b.$40.00
c.$8.75
d.$88.75

A. $48.75.

Step-by-step explanation:

We have been given that the minimum monthly payment for Fern's credit card is 2.5% of her balance or $40, whichever is higher.

First of all let us find 2.5% of $1950.

Since the minimum monthly payment will be the higher amount among 2.5% of the balance or $40. As $48.75 is higher than $40, therefore, Fern's minimum monthly payment will be $48.75 and option A is the correct choice.  

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step-by-step explanation:

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