b. On December? 1, instead of making his minimum? payment, the card holder makes a...
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b. On December? 1, instead of making his minimum? payment, the card holder makes a payment of
?$100
Assuming there are no additional charges or cash? advances, determine the card? holder's minimum payment on January 1.
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 0.05845% per day. On Novermber 11, a customer used his credit card to pay for the following business expenses: van repairs ($953), equipment maintenance ($428), office supplies ($90), and dinner with clients ($112). 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 s
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