J&G Bank receives an average of 30,000 credit card applications each month. Approximately 60% of them are approved. Each customer charges an average of $2,000 to his or her credit card each month. Approximately 85% pay off their balances in full, and the remaining incur finance charges. The average finance charge is 3.5% per month. The bank also receives income from fees charged for late payments and annual fees associated with the credit cards. This is a percentage of total monthly charges and is approximately 7%. It costs the bank $20 per application, whether it is approved or not. The monthly maintenance cost for credit card customers is $10. Finally, losses due to charge-offs of customers’ accounts average 5% of total charges. Develop a spreadsheet model to calculate the bank’s total monthly profit.