Question
Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 1% of the outstanding principal. The credit card company
Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 1% of the outstanding principal. The credit card company charges an interest rate of 0.04% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels and tires for her car for 2900 . She makes no other purchases or new interest during October. On November 1, instead of making the minimum payment, Erica makes a payment of 200 . Assuming there are no additional charges or cash advances, determine Erica's minimum payment due on December 1.
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