1)The table below shows the expenses and payments for 4 months on a credit card account with an initial balance of $500. Assume that the interest rate is 1.6% per month (19.2% APR) and that interest for a given month is based on the balance fc the previous month. Complete the table.

Month

Payment

Expenses

Interest

Balance

1

2

3

4

$200

$100

$300

$250

$120

$310

$60

$180

1.6% x $500 = $8.00

$500

$428.00