Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 2% of the outstanding principal. The credit card company charges an interest rate of 0.045% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels and tires for her car for $2,400. She makes no other purchases during October. Assuming Erica had no new interest, determine Erica's minimum payment due on November 1, her billing date. O A. $48 O B. $50 O C. $66 O D. $65
Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 2% of the outstanding principal. The credit card company charges an interest rate of 0.045% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels and tires for her car for $2,400. She makes no other purchases during October. Assuming Erica had no new interest, determine Erica's minimum payment due on November 1, her billing date. O A. $48 O B. $50 O C. $66 O D. $65
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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