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 0.038476%per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $3300. 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 0.038476%per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $3300. 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?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
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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 0.038476%per day. On March 18, Shiing uses his credit card to purchase airline tickets for his family for $3300. 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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