2)Kenny realizes that he totally forgot about a credit card that he made some charges to a few months back. He checks the balance and sees that it has gone all the way up to about $4000 (charges, interest, late fees). Because of his late payments, the APR on the card is now at 29.98%. Further, the minimum payment on the card is now $100 every month.

2A)Calculate the monthly percentage rate and determine how much of the first $100 minimum payment will go towards interest and how much will go towards reducing the balance on the card.

2B)(4 points) Based on your answer to part (i), is it a good idea to only make the required monthly payments on this card or should Kenny pay the card off more quickly? Justify your response using quantities and in complete sentences.