16. (-/14 Points] DETAILS CRAUDOL3 4.4.032, MY NOTES ASK YOUR TEACHER Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below 550. (Round your answers to the nearest cent.) Previous Minimum Finance New Month balance payment Purchases charge balance 1 $ $ 50.00 $50.23 $ 2 $ $ SOOD $50.06 $ 3 $1 $ 50.00 $49.90 $1 : 56 $2507.06 50.00 $11.97 $ 57 $ $ $0.00 $41.84 $ eBook 17. [1/1 Points] DETAILS PREVIOUS ANSWERS CRAUDQL3 4.4.TB.056. MY NOTES ASK YOUR TEACHER You have a balance of $500 on your credit card and make no more charges. Assume the card carries an APR of 19%. Suppose you want to pay off the card in six months by making equal payments each month. What is your monthly payment? O $33.33 $68.01 $85.00 $99.17 eBook 16. (-/14 Points] DETAILS CRAUDOL3 4.4.032, MY NOTES ASK YOUR TEACHER Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below 550. (Round your answers to the nearest cent.) Previous Minimum Finance New Month balance payment Purchases charge balance 1 $ $ 50.00 $50.23 $ 2 $ $ SOOD $50.06 $ 3 $1 $ 50.00 $49.90 $1 : 56 $2507.06 50.00 $11.97 $ 57 $ $ $0.00 $41.84 $ eBook 17. [1/1 Points] DETAILS PREVIOUS ANSWERS CRAUDQL3 4.4.TB.056. MY NOTES ASK YOUR TEACHER You have a balance of $500 on your credit card and make no more charges. Assume the card carries an APR of 19%. Suppose you want to pay off the card in six months by making equal payments each month. What is your monthly payment? O $33.33 $68.01 $85.00 $99.17 eBook