Solve the Problem. -Erica Tomlinsonʹs Credit Card Company Determines Her Minimum Monthly Payment

Multiple Choice

Solve the problem.
-Erica Tomlinsonʹs 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 0.04506% per day. On October 15, Erica uses her credit card to purchase a custom set of wheels And tires for her car for $1700. 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 Ericaʹs minimum payment Due on December 1.

A) $37
B) $25
C) $29
D) $17