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For all exercises, clearly and logically show your work (numbers AND units). Round all answers to two decimal places unless instructed otherwise. 1. Suppose you
For all exercises, clearly and logically show your work (numbers AND units). Round all answers to two decimal places unless instructed otherwise. 1. Suppose you have a current balance of $2500 on a student credit card with 24% APR compounded monthly. a. (1 point) Assuming you make no more charges to the card, calculate the monthly payment needed to pay off the credit card in two years. Answer: $ b. (0.5 points) Find the monthly interest rate. Monthly Interest Rate: c. (2 points) Complete the first two rows of the amortization table. No work required. Beginning Monthly Principal Month Balance Payment Interest Reduction Ending Balance 1 2 SS $ $ $ $ AS $ $ $ $ $ $
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