Can anyone help me to solve the last question (sentence d in figure 3)? Thank you very much!

Warning! You must answer all of the questions in order for the lab to function properly. You can submit answers one at a time (or multiple at a time) so that you can make sure it is correct before proceeding to the next. It is a good idea to also keep a written account of the given values (e.g. original balance, annual interest rate, etc.) as you will be asked to refer back to these values as you go. Once you have "submitted" an answer to a question, you can click back and forth between the parts if you need to, though you may need to click on "Reattempt this question" at the top of the page. Don't worry, your correct answers will be saved! Round all of your answers to the nearest cent when appropriate to do so. Some questions are programmed to allow for slight variations in the answers due to rounding errors, BUT it is important that you don't round values you are using in formulas. Only round your final answers. In this lab, you will be computing various values associated with paying off a balance on a credit card. Imagine the following scenario: You have received your monthly credit card statement and must now deal with the financial realities of last month's birthday celebration. While your birthday was deserving of a celebration, dealing with the $1450 in credit card charges will require some planning. Your credit card statement lists the APR (Annual Percentage Rate) for your balance to be 14.5 % . This is the yearly interest rate the credit card company uses in calculating interest due on your balance. Express the APR as a decimal: APR=0.145 The credit card company compounds interest monthly. Your monthly interest rate on credit card charges will be: (Round your monthly interest rate to 5 decimal places) APR i= 12 0.01208 The minimum payment required by your credit card company is $25 per month. Assuming that you do not make any new charges to your account, you will answer the following questions to help you determine the best plan for paying off this credit card debt. a) To begin with, let's check out the plan of only paying the minimum amount due each month. To get a feel for how this will affect the balance, you'll compute the interest and the balance on the first few months assuming a the minimum monthly payment of $25. Let Bx represent the balance for the kth month and It represent the interest charged for the kth month. For example, It is the interest charged on the original balance and By is the original balance plus I 1 minus the $25 payment (said differently, B1 is the balance after one month). Start by finding those values. For this exercise, round all values to the nearest cent (2 decimal places). (Hint: Ik = i. Bk-1) I1 = 17.52 B 1442.52 Now use Bi to find interest charged for the 2nd month which is 12, and the balance after 2 months, which is B2 (don't forget to subtract the $25 payment). 12 = $ 17.43 B2 = $ 1434.95 Got it? Ok, you're ready to figure out how much interest you will be charged for the rest of the year and what your final balance will be after 12 months of just making the minimum payment. Finish filling in the folowing "table". B3 = $ 1427.28 13 = $1 17.33 14 = $ 17.24 B4 = $ 1419.52 B5 = $ 1411.67 15 = $ 17.15 IR = $ 17.05 BR = $1 1403.72 In = = $ 16.96 Ig = $ 16.86 1, = $ 16.76 B7 $ 1395.68 Bg = $ 1387.54 $ 1379.30 = B10 = 1370.96 110 16.66 111 = $ 16.56 I 12 = 16.46 Bu = $ 1362.52 B12 = $ 1353.98 b) How much of the original balance has been paid off at the end of the first year? Answer: $ 96.02 c) What is the total amount that has been paid to the credit card company at the end of the first year? (this is just your minimum payment per month times 12 months.) Answer: 300 d) What percentage of what you paid went to paying the interest? Express your answer as a percentage and round it to one decimal place. Answer: % Submit