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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

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 interestrate of 0.039776% per day. On March 16, Shiing uses his credit card to purchase airline tickets for his family for $3000. 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 $30.
b) On April 1, instead of making the minimum payment, Shiing makes a payment of $700. 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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