Refer to the following for Exercises 31-35, about credit card payments. Many credit cards use a similar formula for the minimum payment, which is the new balance (if less than $25), or else the greatest of $25 or 1% of the new balance (excluding interest and late fees), plus the interest billed, rounded down to the nearest dollar. Any late fees are then added on to this calculated amount. Moreover, when any interest is due, there is a minimum charge of $1.50.
34. (Requires a spreadsheet) A well-known national credit card calculates minimum payment due as the new balance (if less than $35), or else the greatest of the following:
Then any late fees are added and the total is rounded to the nearest whole dollar.