Business Expenses Kevin Devlins credit card company
Chapter 11, Problem 11.1.206(choose chapter or problem)
Kevin Devlin’s credit card company determines his minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05163% per day. On November 12, Kevin used his credit card to pay for the following business expenses: van repairs ($677), equipment maintenance ($452), office supplies ($139), and dinner with clients ($141).
a) Assuming Kevin had no new interest, determine his minimum payment due on December 1, his billing date.
b) On December 1, instead of making his minimum payment, Kevin makes a payment of $300. Assuming there are no additional charges or cash advances, determine Kevin’s minimum payment on January 1.
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