5 6 Part 1 Suppose you carry a balance of $1,000 on one credit card (CARD 1) that has a rate of 9% APR and another (CARD 2) with a rate of 15%. Assume you make no payments. 1. Using the formula for simple interest and the APR, find the total amount owed after one year. Card 2 2. Fill in the tables below using the amount owed as the principal for the next month. Use | = Prt to find the interest each month? Keep in mind that each month, only one month of time is passing. Round to the nearest cent (two decimal places). CARD 2 Card 1 Month Principal CARD 1 Interest principal x Interest Amount owed Principal rate x time principal x ratex time Amount owed 1 1000 7.50 1007.50 2 1007.50 7.56 1015.06 3 1015.06 7 1021.50 4 5 6 7 8 6 10 10 11 12