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6s Suppose you have a credit card that charges 21.5% APR compounded monthly. Assume you owe $950 on it and begin making the minimum payment
6s Suppose you have a credit card that charges 21.5% APR compounded monthly. Assume you owe $950 on it and begin making the minimum payment of 5% of the balance each month. You also decided to stop charging your card until it is paid off. 6a Complete the table below to show your balance remaining for each month up to the tenth month. Month Number Month Number Previous Balance Previous Balance Finance Charge Payment Payment Purchase Purchase Charge New Balance New Balance 3 5 7 111 6b Using the Minimum Payment Balance Formula, find the balance for the tenth month. Make sure you use Excel Calculations in the blue cell below Remaining Balance at the end of the tenth (10th) month
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