Vacation Expenses Harry Waldmans credit card company
Chapter 11, Problem 11.1.207(choose chapter or problem)
Vacation Expenses Harry Waldmans credit card company determines his minimum monthly payment by adding all new interest to 2.5% of the outstanding principal. The credit card company charges an interest rate of 0.03164% per day. On August 21, while on vacation, Harry used his credit card to pay for the following expenses: airfare ($359), car rental ($273), hotel ($653), meals ($315), and surfboard rental ($225). a) Assuming Harry had no new interest, determine Harrys minimum payment due on September 1, his billing date. b) On September 1, instead of making his minimum payment, Harry makes a payment of $750. Assuming there are no additional charges or cash advances, determine Harrys minimum payment on October 1.
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