Shiing Shen Chern s credit card company determines his minimum monthly payment by adding all new interest to 1 of the

Question

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 038726 per day On March 17 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 KIIB 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 35 b On April 1 instead of making the minimum payment Shiing makes a payment of 400 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

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