Kevin Moore received his monthly credit card statement from his bank. His current outstanding balance is $3,168.97.

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Kevin Moore received his monthly credit card statement from his bank. His current outstanding balance is $3,168.97. The minimum monthly payment due is 1% of the outstanding balance or $20, whichever is higher. The bank uses the Average Daily Balance method to calculate the periodic interest charges. Show how the bank calculated the total estimated payments for the two scenarios: (a) the minimum payment only option and (b) $111 per month.

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