Solve the Problem

Multiple Choice

Solve the problem. Assume that the minimum payment on a credit card is the greater of $27 or 3% of the unpaid balance:
-If the annual interest rate is 15.99%, find the difference between the minimum payment and the interest owed on an unpaid balance of $728.97 that is 1 month overdue.

A) $17.29
B) $14.29
C) $12.76
D) $12.22