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Erik checks his credit card statement at the end of the month. He still has a balance of $375\$375 remaining from last month, so he owes $4\$4 in interest. This month, Erik made $150\$150 in new purchases. The minimum payment due is $25\$25.\newlineHow much should Erik pay to avoid being charged interest next month?\newlineChoices:\newline(A)$25\$25\newline(B)$175\$175\newline(C)$525\$525\newline(D)$529\$529

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Full solution

Q. Erik checks his credit card statement at the end of the month. He still has a balance of $375\$375 remaining from last month, so he owes $4\$4 in interest. This month, Erik made $150\$150 in new purchases. The minimum payment due is $25\$25.\newlineHow much should Erik pay to avoid being charged interest next month?\newlineChoices:\newline(A)$25\$25\newline(B)$175\$175\newline(C)$525\$525\newline(D)$529\$529
  1. Calculate Total Balance: Step 11: Calculate the total balance Erik needs to pay off to avoid interest.
  2. Add New Purchases: Step 22: Add the new purchases to the total balance calculated in Step 11.
  3. Compare Minimum Payment: Step 33: Compare the minimum payment due with the total amount calculated in Step 22.

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