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 0.036718% per day. On March 20, Shiing uses his credit card to purchase airline tickets for his family for $3500. 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 Shiing's minimum payment due on April 1, his billing date. Shiing's minimum payment due on April 1 is $.
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 0.036718% per day. On March 20, Shiing uses his credit card to purchase airline tickets for his family for $3500. 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 Shiing's minimum payment due on April 1, his billing date. Shiing's minimum payment due on April 1 is $.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text: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 0.036718% per day. On March 20, Shiing uses his credit card to purchase airline tickets for his family for $3500. 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 Shiing's minimum payment due on April 1, his billing date.
Shiing's minimum payment due on April 1 is $.
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