Mathematics, 25.02.2021 01:00 weirdojuwin
A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05196% per day. On November 13, a customer used his credit card to pay for the following business expenses: van repairs ($598), equipment maintenance ($393), office supplies ($126), and dinner with clients ($126). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below.
a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date.
The card holder's minimum payment due on December 1 is $_ nothing.
b. On December 1, instead of making his minimum payment, the card holder makes a payment of $300. Assuming there are no additional charges or cash advances, determine the card holder's minimum payment on January 1.
The card holder's minimum payment due on January 1 is $_ nothing.
Answers: 2
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A credit card company determines a card holder's minimum monthly payment by adding all new interest...
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