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Determine harrys minimum payment

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Harry credit Card company determines his minimum monthly payment by taking 1% of any outstanding principal and adding it to interest charges on new monthly purchases. The Credit Card company charges an interest rate of 0.039698% per day. On August 17th, While on vacation, Harry used his Credit Card to pay for the following expenses: Airfare $549, Car Rental $471, hotel $899, meals $406 and surfboard rental $275. (1) assuming Harry had no interest, determine Harrys Minimum payment due on Sept 1st, his billing date. (2)On Sept 1st, instead of making his minimum payment, Harry makes a payment of $750. Assuming there are no additional charges or cash advances, Determine Harry's minimum payment on Oct 1st.

Reference no: EM131766466

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