help please !!!!!!!!!!
Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 1% of the outstanding principal. The credit card company charges an interest rate of 0.03456% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels and tires for her car for $2200. She makes no other purchases or new interest during October. On November 1, instead of making the minimum payment, Erica makes a payment of $500. Assuming there are no additional charges or cash advances, determine Erica's minimum payment due on December 1

Question

help please !!!!!!!!!!
Erica Tomlinson's credit card company determines her minimum monthly payment by adding all new interest to 1% of the outstanding principal. The credit card company charges an interest rate of 0.03456% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels and tires for her car for $2200. She makes no other purchases or new interest during October. On November 1, instead of making the minimum payment, Erica makes a payment of $500. Assuming there are no additional charges or cash advances, determine Erica's minimum payment due on December 1

anonymous · Answer

i don't understand it do you

anonymous · Answer

I do but let me see.

anonymous · Answer

cool

anonymous · Answer

1) Minimum monthly payment = 1% of the outstanding principal + all new interest

anonymous · Answer

MMP for October = (1% x 2200) + (0.03456 x 31)
                           = $ 23.07136
MMP for November = 0 since it says instead of making the MMP she paid $500.
MMP for December = should therefore be just $23.07136

anonymous · Answer

I am actually not to sure about my answer because I am not sure if I used the correct outstanding principal and all new interest

anonymous · Answer

it's pretty confusing but check with your teacher, first thing is to understand it properly.