1.For the table on the left, change the credit card charges to $250 and card payment to $150.

For the table on the right, the scenario is almost the same, except you choose to make the minimum payment each month instead of the $150 payment each month.

Compare the results of the two tables and write a short statement of your observations.

Some information to help you get started... In December of the previous year, a payment of $400 was made on the credit card, leaving a balance of $2400. Between the time of that payment and January's billing statement (December's credit card charges), $300 in more charges were made on the credit card. Therefore, January's balance is $2700. Interest is only accrued on the past due amount. So January's interest will be calculated on the past due amount of $2400, not the $2700. The annual interest rate =15%. Since payments are made monthly, the annual interest rate should be divided by 12. January's interest calculation is $2400(15%/12) The new balance = the previous balance + new credit card charges + interest $2400+$300+30 The minimum payment is 2% of the current balance. This calculation will be $27302% But you decide to make the $400 payment. So the balance for February is $2730$400 Some information to help you get started... In December of the previous year, a payment of $400 was made on the credit card, leaving a balance of $2400. Between the time of that payment and January's billing statement (December's credit card charges), $300 in more charges were made on the credit card. Therefore, January's balance is $2700. Interest is only accrued on the past due amount. So January's interest will be calculated on the past due amount of $2400, not the $2700. The annual interest rate =15%. Since payments are made monthly, the annual interest rate should be divided by 12. January's interest calculation is $2400(15%/12) The new balance = the previous balance + new credit card charges + interest $2400+$300+30 The minimum payment is 2% of the current balance. This calculation will be $27302% But you decide to make the $400 payment. So the balance for February is $2730$400