Question: Please help me solve this question, and show all work. Thank you :) Shiing Shen Chern's credit card company determines his minimum monthly payment by
Shiing Shen Chern's credit card company determines his minimum monthly payment by adding all new interest to 1% of the outstanding principal. The credit card company charges an interest rate of 0.038806% per day. On March 19, Shiing uses his credit card to purchase airline tickets for his family for $2200. He makes no other purchases during March. Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below. Assuming Shiing had no new interest, determine Shiing's minimum payment due on April 1, his billing date. Shiing's minimum payment due on April 1 is $ 22. b) On April 1, instead of making the minimum payment, Shiing makes a payment of $500. Assuming there are no additional charges or cash advances, determine Shiing's minimum payment due on May 1. Shiing's minimum payment due on May 1 is $ 37
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
