Alternate Extra Credit Assignment (10 pointsh Assume that through your research for your credit card you selected the Bank of Piedmont High Achiever's Advantage Card. The card offers credit for purchases at an APR of 18% and a credit limit of $3,500. You decide to celebrate your upcoming college graduation this spring by purchasing a Caribbean cruise for $3,000. Having little cash available, you pay for the trip on credit using your new credit card. You return from the trip to see your first credit card statement with a balance of $3,000 and a minimum required payment of 3% of the balance each month. Since you don't have a lot of cash but want to keep current, you decide to only pay the minimum of 3% each month. How long will it take you to pay off the $3,000 balance owed and over that time, how much interest did you pay? (hint: use the Credit Card Minimum Payment Calculator tool found on www.bankrate.com to solve this since the textbook appendix will not help. You will ind this calculator tool under the credit card/calculator tab of the website.) 5 Alternate Extra Credit Assignment (10 pointsh Assume that through your research for your credit card you selected the Bank of Piedmont High Achiever's Advantage Card. The card offers credit for purchases at an APR of 18% and a credit limit of $3,500. You decide to celebrate your upcoming college graduation this spring by purchasing a Caribbean cruise for $3,000. Having little cash available, you pay for the trip on credit using your new credit card. You return from the trip to see your first credit card statement with a balance of $3,000 and a minimum required payment of 3% of the balance each month. Since you don't have a lot of cash but want to keep current, you decide to only pay the minimum of 3% each month. How long will it take you to pay off the $3,000 balance owed and over that time, how much interest did you pay? (hint: use the Credit Card Minimum Payment Calculator tool found on www.bankrate.com to solve this since the textbook appendix will not help. You will ind this calculator tool under the credit card/calculator tab of the website.) 5