a. Assume that you have a balance of $3400on your MasterCard and that you make no more charges. Assume that MasterCard charges12% APRand that each month you make only the minimum payment of6% of the balance.

What will the balance be after12years? (Round your answer to the nearest cent.)

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b. You have an unpaid balance of $650, on your credit card. You stop making additional purchases with the card and make minimum payments for 10 months. If the credit card company charges27% APR and requires minimum payments of5%, what is your remaining balance at the end of the tenth month?

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What are your total payments in those ten months?

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c.Assume that you have a balance of $2700on your MasterCard and that you make no more charges. Assume that MasterCard charges12% APRand that each month you make only the minimum payment of5% of the balance.

What will the balance be after30months? (Round your answer to the nearest cent.)

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d. The previous statement for your credit card had a balance of $520. You make purchases of $150and make a payment of $80. The credit card has an APR of22%. What is the finance charge for this month? (Round your answer to the nearest cent.)

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e. The previous statement for your credit card had a balance of $730. You make a payment of $370but you made additional purchases of $200. The card carries an APR of21%. What is the finance charge for this month? (Round your answer to the nearest cent.)

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