100 Month 2 Michaerboesntreally worry about his credit limeguse neboesn't know that it is even possible to exceed your credit limit. Thinking about his imagined great cash back rewards, he charges a plane ticket for $450 again on the first day of his next billing cycle. This is the only credit card purchase he makes in month 2. 5. What will Michael's cash back reward be for the plane ticket? Michael has gone over his credit limit. Oops. The credit card company is delighted to raise his APR to 24.99%1 Assume they also raise his minimum payment to 3.5%. Month 2 Beginning balance $288.22 Purchases $450.00 Finance charge Other fees New balance Minimum payment 10. Determine Michael's Month 2 finance charge using his new higher monthly rate on the sum of the previous balance and new purchase. Fees are added after the finance charge. 11. Determine his new balance including his over-limit penalty. 12. Determine his minimum payment (now 3.5% of his new balance) 13. How much money will Michael receive in total from his "cash back rewards? 14. After two months, how much money has Michael accrued in finance charges and his over Emitent 100 Month 2 Michaerboesntreally worry about his credit limeguse neboesn't know that it is even possible to exceed your credit limit. Thinking about his imagined great cash back rewards, he charges a plane ticket for $450 again on the first day of his next billing cycle. This is the only credit card purchase he makes in month 2. 5. What will Michael's cash back reward be for the plane ticket? Michael has gone over his credit limit. Oops. The credit card company is delighted to raise his APR to 24.99%1 Assume they also raise his minimum payment to 3.5%. Month 2 Beginning balance $288.22 Purchases $450.00 Finance charge Other fees New balance Minimum payment 10. Determine Michael's Month 2 finance charge using his new higher monthly rate on the sum of the previous balance and new purchase. Fees are added after the finance charge. 11. Determine his new balance including his over-limit penalty. 12. Determine his minimum payment (now 3.5% of his new balance) 13. How much money will Michael receive in total from his "cash back rewards? 14. After two months, how much money has Michael accrued in finance charges and his over Emitent