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Martin's monthly credit card statement says that his balance is $135\$135. The minimum payment due is $40\$40, and the interest rate is 17%17\%. Martin decides to make the minimum payment.\newlineWill Martin be charged any interest next month?\newlineChoices:\newline(A)yes\newline(B)no

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Q. Martin's monthly credit card statement says that his balance is $135\$135. The minimum payment due is $40\$40, and the interest rate is 17%17\%. Martin decides to make the minimum payment.\newlineWill Martin be charged any interest next month?\newlineChoices:\newline(A)yes\newline(B)no
  1. Identify Balance and Payment: Identify the initial balance and the payment made.\newlineMartin's initial balance is $135\$135, and he decides to make a minimum payment of $40\$40.\newlineCalculation: $135−$40=$95\$135 - \$40 = \$95 remaining balance.
  2. Calculate Interest Rate: Calculate the interest charged on the remaining balance.\newlineThe interest rate is 17%17\% annually, but credit card interest is typically applied monthly. To find the monthly interest rate, divide the annual rate by 1212.\newlineCalculation: 17%÷12=1.42%17\% \div 12 = 1.42\% monthly interest rate.
  3. Apply Monthly Interest: Apply the monthly interest rate to the remaining balance to find the interest amount for the next month.\newlineCalculation: $95×1.42%=$1.349\$95 \times 1.42\% = \$1.349, which rounds to $1.35\$1.35.

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