Question

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 additinoal charges or cash advances, determine Erica's minimum payment due on Decmber 1.