Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.
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 % per day. On November , a customer used his credit card to pay for the following business expenses: van repairs ($), equipment maintenance ($), office supplies ($), and dinner with clients ($). 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 ___$.
