Question
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month
Assume that you start with a balance of $4000 on your MasterCard. Assume that MasterCard has finance charges of 12% APR and that each month you make only the minimum payment of 5% of the balance. During the first month, you charge $250, and during the second month, you charge $650. Complete the following table. (Round your answers to the nearest cent.) Previous balance Minimum payment Purchases Finance charge New balance Month 1 $4000.00 $200 Correct: Your answer is correct. $ 250 Correct: Your answer is correct. $38 Incorrect: Your answer is incorrect. $ Month 2 $ $ $ 650 Correct: Your answer is correct. $ $
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