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Assume instead that you begin the year with no savings and instead charge $500 on your credit card each month. If you make a payment

Assume instead that you begin the year with no savings and instead charge $500 on your credit card each month. If you make a payment of $50 each month (beginning in September) and the card carries an interest rate of 18%, what will be the balance due at December 31? Assume all charges, payments, and interest charges occur on the last day of each month. Round all computations to the nearest whole dollar.

Date

Balance at beginning of the month

Interest accrued

Amount charged

Payment

Balance at the end of the month

August 31

$0

September 30

October 31

November 30

December 31

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