8. A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of...

Extracted text: 8. A credit card company determines a card holder's minimum monthly payment by adding all new interest to 1.5% of the outstanding principal. The credit card company charges an interest rate of 0.05852% per day. On Novermber 10, a customer used his credit card to pay for the following business expenses: van repairs ($588), equipment maintenance ($476), office supplies ($53), and dinner with clients ($149). Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer parts a and b below. a. Assuming the card holder had no new interest, determine his minimum payment due on December 1, his billing date The card holder's minimum payment due on December 1 is $ b. On December 1, instead of making his minimum payment, the card holder makes a payment of $200. Assuming there are no additional charges or cash advances, determine the card holder's minimum payment on January 1 The card holder's minimum payment due on January 1 is $