financial planning

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Tarek has been thinking about getting a credit card, but he is skeptical that a credit card can be a useful spending tool for him. Instead. Tarek has always used a debit card. His reasoning is that using a debit card provides protection from overspending: after all, he can only spend what is in his account. Assume Tarek now has a credit card and he carries a $3,100 monthly balance. If the credit card company uses a 4% multiplier to determine the minimum monthly payment and the card has a 16% APR and 30-day billing cycle, what will be the minimum monthly payment? How much of the first payment will go towards paying interest? The minimum monthly payment will be $ Amount of first payment that will go towards paying interest is $