Credit Limit $3,000.00 $2,500.00 Card Name(APR ) Mar K2 (65%) Bee4 (10.1%) Existing Balance $475.00 $1,311.48 You have $400.00 each month to pay off these two credit cards. You decide to pay only the interest on the lower-interest card and the remaining amount to the higher interest card. Complete the following two tables to help you answer questions 1-3. Higher-Interest Card (Payoff Option) Month Principal Interest accrued 9 10 Payment (on due date) End-of-month balance Lower-Interest Card Month Principal Interest accrued 10 Payment (on due date) End-of-month balance 1) How long does it take to pay off the higher-interest card? 2) What is the amount of the last payment on the higher Interest card? Why? 3) At the end of the month that you pay off the higher-interest card, after you have started to pay down your debt on the lower-interest card, what is the balance of the lower-interest card? Why? Complete the following two tables to help you answer questions 4-5 4) Rework the problem so that you pay off the lower interest card first 5) How much money do you save by paying off the higher-interest card first? Lower Interest Card (Payoff Option Month 10 Principal Interest accrued Payment (on due date) balance Higher Interest Card Month 2 7 10 Principal Interest accrued Payment (on due date) End-of-month balance Be sure to include in your response: All parts of the tables are complete and calculations correct The answers to the additional questions