Clark's credit card has an APR of 20.99% and requires a monthly payment of at least 5% of the balance.  Calculate Clark's minimum payment if he had a carryover balance of $381.88 at the beginning of the month.  

To calculate Clark's minimum payment for the month, we use the requirement that his monthly payment must be at least 5% of the balance.

Given:
- Carryover balance = \$381.88
- Minimum payment percentage = 5%

The formula for the minimum payment is:

\[
\text{Minimum Payment} = \text{Balance} \times \frac{5}{100}
\]

Substitute the values:

\[
\text{Minimum Payment} = 381.88 \times 0.05 = 19.094
\]

So, Clark's minimum payment for the month is \$19.09.

Would you like more details or have any questions?

Here are 5 related questions:
1. How does APR affect the total interest charged on a credit card?
2. What happens if someone pays only the minimum payment on a credit card balance?
3. How is the monthly interest calculated based on APR?
4. What strategies can be used to pay off a credit card balance faster?
5. What are the benefits of making more than the minimum payment?

**Tip:** Always try to pay more than the minimum on credit card balances to reduce interest over time.

Clark's credit card has an APR of 20.99% and requires a monthly payment of at least 5% of the balance. Calculate Clark's minimum payment if he had a carryover balance of $381.88 at the beginning of the month.

Learn how to calculate Clark's minimum credit card payment for a carryover balance of $381.88 at the beginning of the month. Using a simple percentage formula, we determine his payment based on a minimum of 5% of the balance. Suitable for students in Grades 6-8.

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