Assume that you have a balance of $3000 on your American Express credit card and that you make no more charges on the card. Assume that American Express charges 20.5% APR and that the minimum payment is 2% of the balance each month. Assume also that you make only the minimum payments. Make a spreadsheet listing the items below for each month until the payment drops below $50. (Round your answers to the nearest cent.)

Month	Previous balance	Minimum payment	Purchases	Finance charge	New balance
1	$	$	$0.00	$50.23	$
2	$	$	$0.00	$50.06	$
3	$	$	$0.00	$49.90	$
56	$2507.06	$	$0.00	$41.97	$
57	$	$	$0.00	$41.84	$