Determine kevin minimum payment on january 1

Assignment Help Mathematics
Reference no: EM132015771

Raul credit card company determines his minimum monthly payment by taking 1.5% 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 0.05163% per day on previous balances. On November 12, Raul 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).

  1. Assuming Raul had no new interest, determine his minimum payment due on December 1, his billing date.
  2. On December 1, instead of making his minimum payment, Raul makes a payment of $300. Assuming there are no additional charges or cash advances, determine Kevin's minimum payment on January 1.

Reference no: EM132015771

Questions Cloud

What is the largest possible volume of such a box : We want to make a rectangular box which measures 9cm between its diagonal corners. What is the largest possible volume of such a box?
Finance Case Study - Tiffany & Co : Finance Case Study - Tiffany & Co. - 1993. This case study needs a solution that includes fact pattern, diagnostic, options and recommendations
Translate proposition into natural equivalent statement : ITE 1701 – Mathematics for IT - Consider the different types of number systems: Binary, Decimal, Octal and Hexadecimal. From these types, identify the one
What is inverse of a function : What is inverse of a function? What steps do use to finds the inverse of a function?
Determine kevin minimum payment on january 1 : Assuming there are no additional charges or cash advances, determine Kevin's minimum payment on January 1.
Find the proportion of students who will finish the exam : The lengths of time taken by students on an algebra proficiency exam (if not forced to stop before completing it) are normally distributed with mean
Determine the dimension of w : i) Assuming that W is a subspace of V , find a basis for W and thereby determine the dimension of W.
Find the magnitude of the second quake : If a second earthquake has 860 times as much energy (earth movement) as the first, find the magnitude of the second quake.
Determine the minimum number of years : Jasmine has money in an account that earns 7% interest annually. Use the guess and check method to determine the minimum number of years

Reviews

Write a Review

Mathematics Questions & Answers

  Application of derivative and evalution of integral

Evaluate the integral log3(x)/(2x). Evaluate the integral sinh^6(x)*cosh(x) dx. Evaluate the integral x^2 * sin(2x) dx. Evaluate the indefinete integral sin^5(x) dx

  Find the ratio of their potential energy at the higest point

Two balls of same mass are projected one vertically upwards and the other at angle 60o with the vertical. Find the ratio of their potential energy at the higest point.

  Find the acutal bearing and speed of the ship

A ship is headind due north at 12 mph. The current is flowing southwest at 4 mph. Find the acutal bearing and speed of the ship.

  Introduce the abercrombie-fitch lawsuit

In the first part of your initial post, you will need to introduce the Abercrombie & Fitch lawsuit.

  What is the volume in cubic yards of a linear pile

What is the volume in Cubic Yards of a linear pile of dirt with the dimensions of 182 foot long by 20 foot wide by 7 foot tall with a slope of 13 feet?

  Elimination method for solving system of equations

How do you explain why vectors QR and RQ are not equivalent? Explain when the elimination method for solving a system of equations is preferable to the substitution method.

  How many people do not recycle at all

To estimate the number of persons interested in recycling aluminum cans, glass, and newspapers, a company conducts a survey of 1000 people and finds that. How many people do not recycle at all? How many people recycle cans only?

  What is the standard deviation of a random variable x

What is the standard deviation of a random variable X?

  How long is the transverse axis

the length of the red line segment is 12,and the length of the blue line segment is 4. how long is the transverse axis.

  How much will mr. martin have saved in 4 years

As part of his retirement planning, Mr. Martin purchases an annuity that pays 8.5% compounded semiannually. If the semiannual payment is $9,500, how much will Mr. Martin have saved in 4 years?

  Discuss the importance of quality

Discuss the importance of Quality, Lean, and JIT for a manufacturing enterprise. How are these three concepts or practices related?

  Estimate the volume of the ?ber glass shell

A cube with sides 2 inches long is covered with a ?berglass coating .06 inches thick. Estimate the volume of the ?berglass shell.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd