Examine the credit card situations in Exercises 10 and 11. In each case, the credit card holder had no previous balance. The new balance was a result of purchases made that billing cycle. Identify whether or not the borrower can pay off the balance by making only the minimum payment each month. In both instances, no other charges are made to the account. Complete each chart for five billing cycles. Round all amounts to the nearest penny.
a. Balance: $3,220.00
APR 17.52%
Minimum Payment $40.00

b. Balance: $980.00
APR 14.4%
Minimum Payment $20.00

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Previous Balance $3180.00 d. h. I. Interest a. e. i. m. Balance $3220.00 b. f. j. n. Minimum Payment $40.00 C. g. k. 0.