Question
Old MathJax webview Jolene's credit card company determines her minimum monthly payment by adding all new interest charges to 1.3% of the outstanding principal. The
Jolene's credit card company determines her minimum monthly payment by adding all new interest charges to 1.3% of the outstanding principal. The credit card company charges an interest rate of 0.0525% per day. On October 11, she uses her credit card to purchase a new refrigerator costing $1920. She makes no other purchases on her credit card during October. 1. Jolene had no new interest charges on her credit card bill. Determine her minimum monthly payment due on November 1st, her billing date.
On November 1, Jolene makes a payment of $450. Assuming she makes no additional charges or cash advances on her credit card during the month of November, determine her minimum payment due on December 1.
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