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Shen Chem'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 0.038883% per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $2200. 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 $ b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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 $

Shen Chem'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 0.038883% per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $2200. 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 $ b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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 $

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 68SGR
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Shen Chem'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 0.038883% per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $2200. 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 $ b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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 $
Transcribed Image Text:Shen Chem'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 0.038883% per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $2200. 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 $ b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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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