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Jill Jackson bought a $550 rocking chair. The terms of her account are 1 1/4% on the unpaid balance from the previous month. If she

Jill Jackson bought a $550 rocking chair. The terms of her account are 1 1/4% on the unpaid balance from the previous month. If she pays $100 per month, for her 1st monthly payment:

1) What is the interest or finance charge (for the 1st payment)?

2) What is the reduction in the balance due (for the 1st payment)?

3) What is the outstanding balance due after this first payment?

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