PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk

Exercise 6

Using overdraft protection line. Sandra Cheung has an overdraft protection line. Assume that her October 2016 statement showed a latest (new) balance of $862. If the line had a minimum monthly payment requirement of 5 percent of the latest balance (rounded to the nearest $5 figure), what would be the minimum amount that she'd have to pay on her overdraft protection line?