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a) Assuming Shing had no new interest, determine Shing's minimum payment due on April 1, his billing date Shing's minimum payment due on April 1 is $

a) Assuming Shing had no new interest, determine Shing's minimum payment due on April 1, his billing date Shing's minimum payment due on April 1 is $

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Shing 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 0.035483% per day. On March 10, Shing uses his credit card to purchase airline tickets for his family for $3700. 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 Shing had no new interest, determine Shing's minimum payment due on April 1, his billing date. Shing's minimum payment due on April 1 is $
Transcribed Image Text:Shing 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 0.035483% per day. On March 10, Shing uses his credit card to purchase airline tickets for his family for $3700. 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 Shing had no new interest, determine Shing's minimum payment due on April 1, his billing date. Shing's minimum payment due on April 1 is $
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