- I E E-EEX 2 3 5 12) a) You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 7%. How much money do you need to deposit each month? (Round your answer to the nearest cent.) $ per month _?? b) You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $850. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Round your answers to the nearest cent.) first payment second payment I Answear IS NOT 87.55 and 81.16. c)Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.) ? ANSWEAR IS NOT 3438.04 - I E E-EEX 2 3 5 12) a) You want to save $20,000 for a down payment on a home by making regular monthly deposits over five years. Take the APR to be 7%. How much money do you need to deposit each month? (Round your answer to the nearest cent.) $ per month _?? b) You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $850. You decide to stop charging and make only the minimum payment. Calculate the minimum payment for the first and second payments. (Round your answers to the nearest cent.) first payment second payment I Answear IS NOT 87.55 and 81.16. c)Assume that you have a balance of $4500 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance. What will the balance be after 8 years? (Round your answer to the nearest cent.) ? ANSWEAR IS NOT 3438.04