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 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses van repairs ($654), equipment maintenance ($461), office supplies ($138), and dinner with clients ($123) 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 $

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
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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 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and
dinner with clients ($123). 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 $
Transcribed Image Text: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 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and dinner with clients ($123). 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 $
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