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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 of the outstanding principal. The credit card company charges an interestrate of per day. On March Shiing uses his credit card to purchase airline tickets for his family for $ 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 below.
a Assuming Shiing had no new interest, determine Shiing's minimum payment due on April his billing date.
Shiing's minimum payment due on April is $
b On April instead of making the minimum payment, Shiing makes a payment of $ Assuming there are no additional charges or cash advances, determine Shiing's minimum payment due on May
Shiing's minimum payment due on May is $
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