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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 $3333. b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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 $nothing.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 0.037437% per day. On March 15, Shiing uses his credit card to purchase airline tickets for his family for $2300. 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 $
- Kevin Devlin's credit card company determines his minimum monthly payment by taking 1.25% of any outstanding principal and adding it to any interest charges then rounding up to the nearest dollar. The credit card company charges an interest rate of 0.089% per day on previous balances. On November 12, Kevin used his credit card to pay for the following business expenses: van repairs ($653), equipment maintenance ($275), office supplies ($164), and dinner with clients ($112). (1) Assuming Kevin had no previous balance, determine his minimum payment due on December 1, his billing date. (ii) On December 1, instead of making his minimum payment, found in part (i). Kevin makes a payment of $400. Assuming there are no additional charges, determine Kevin's minimum payment on January 1.Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance for his June billing cycle is $1,319.16. During the billing cycle he purchased a printer cartridge for $43.51, books for $245.53 and gasoline for $15.13. He made a payment of $1,100. If the account applies the unpaid balance method, what are the finance charge and the new balance? The finance charge is $nothing. The new balance 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 0.040053%per day. On March 14, Shiing uses his credit card to purchase airline tickets for his family for $3700. 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 $3737. b) On April 1, instead of making the minimum payment, Shiing makes a payment of $600. 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 what?
- Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his June billing cycle is $1,341.57. During the billing cycle he purchased a printer cartridge for $40.41, books for $279.32 and gasoline for $16.91. He made a payment of $1,100. If the account applies the unpaid balance method, what are the finance charge and the new balance? The finance charge is $. The new balance is $| (Round to the nearest cent as needed.)Mr. Smith did not pay his full credit card balance on June 5th, the due date each month for payment. The unpaid balance was $800. He purchased a new washing machine on credit on June 30 for $1,000. If interest is charged at a rate of 18%, compounded daily, what would be the interest charge on his next credit card bill using the average daily balance method? a) $26.63 b) $21.77 c) $14.79 d) $13.32Arnold Brown has a Visa Card with an annual percentage rate of 18.0%. The unpaid balance for his June billing cycle is $1,025.31. During the billing cycle he purchased a printer cartridge for $41.56, books for $242.87 and gasoline for $19.05. He made a payment of $1,200. If the account applies the unpaid balance method, what are the finance charge and the new balance?
- Peyton has a Home Depot credit card. The card has a balance of $4456.39 with an APR of 28.79%. The Home Depot expects the minimum payment to be 3.8% of the balance. What is Peyton’s minimum payment? How long will it take Peyton to pay off his Home Depot credit card? How much interest will Peyton pay if he only pays the minimum payment?Minimum payment Months to payoff InterestA credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05814% per day. On November 10, a customer used his credit card to pay for the following business expenses: van repairs ($654), equipment maintenance ($461), office supplies ($138), and dinner with clients ($123). 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 the card holder had no new interest, determine his minimum payment due on December 1, his billing date. The card holder's minimum payment due on December 1 is $Jerrod Dean starts the month with a balance on his credit card of $1,060. On the 10th day of the month, he purchases $220 in clothes with his credit card. On the 15th day of the month he makes a payment on his credit card of $350. The bank charges 1.5 percent interest per month using the adjusted balance method (and excludes new purchases). What would Jerrod's finance charges be for the month? Multiple Choice $11.34 $15.90 $19.20 $13.26 $10.65