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6. A) Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover

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6. A) Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 3% of the balance. What will the balance be after 30 months? (Round your answer to the nearest cent.) 2 B) Now, assume the balance on your card is 6000. Assume they charge the same apr (21%), and that each month you make only the minimum payment of 2.5% of the balance. What will the balance be after 8 years? 1

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