Mathematics

Chapman

27 March, 09:43

Option 1: Use Your Credit Card (15 pts)

You have a Maxi Card with a $700 limit for this exercise. The card has a monthly finance charge of 1.67%. Fill out the following table. Your payment each month is $50. You are finished when you have paid it off.

Each month, except the first:

Balance = last month's new balance - payment

Monthly Finance Charge = balance (0.0167)

New balance = balance + monthly finance charge

Month

1

2

3

4

5

6

7

8

Balance

Interest

New Balance

Payment

Month

9

10

11

12

13

14

15

16

Total

Balance

Interest

$

New Balance

Payment

$