Solved: Minimum Payments for Credit Cards Holders of

Chapter , Problem 3.4.55

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Minimum Payments for Credit Cards Holders of credit cards issued by banks, department stores, oil companies, and so on, receive bills each month that state minimum amounts that must be paid by a certain due date. The minimum due depends on the total amount owed. One such credit card company uses the following rules: For a bill of less than $10, the entire amount is due. For a bill of at least $10 but less than $500, the minimum due is $10. A minimum of $30 is due on a bill of at least $500 but less than $1000, a minimum of $50 is due on a bill of at least $1000 but less than $1500, and a minimum of $70 is due on bills of $1500 or more. Find the function f that describes the minimum payment due on a bill of x dollars. Graph f.