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Introduction to Credit Cards Credit cards are plastic cards issued by a bank or other business allowing the holder of the card to purchase goods and services without using cash, also called buying on credit. They allow you S to purchase things that you may not currently have the money to buy. When you use a credit card, the credit company that issued the credit card pays the store. Later, you will get a bill in CREDIT the mail from your credit card company for the amount you purchased. At that time, you can either pay the bill in full, or only pay a minimum amount, and wait till later to finish paying. If you wait till later, you will owe the credit card company interest on the amount that you do not pay. Chloe's credit card company charges 18% a year interest, or 1.5% per month, for any unpaid amount. For the month, Chloe purchased $384.00 worth of goods and services. If each month Chloe does not pay the credit card bill in full, but instead just pays the monthly minimum charge of $48.00, finish filling in the following table to see how much money Chloe will end up paying. Round each calculation to the nearest penny. Date Previous Interest Balance plus Your Remaining Balance Charge Interest Payment Balance JAN 1 $384.00 $5.76 $389.76 $48.00 $341.76 What was the total interest paid? $ How much did the item now cost by using the credit card? $