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

Please help me solve this question, and show all work. Thank you :) 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 adding all new interest to 1% of the outstanding principal. The credit card company charges an interest rate of 0.038296% per day. On March 12, Shing uses his credit card to purchase airline tickets for his family for $2000. 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. a) Assuming Shiing had no new interest, determine Shing's minimum payment due on April 1, his billing date. Shiing's minimum payment due on April 1 is $ 20. b) On April 1, instead of making the minimum payment, Shiing makes a payment of S600. 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 $ 311 Question is complete. Tap on the red indicators to see incorrect answers

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!