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Determine minimum payment due on december

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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: EM132012371

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