Joe has just received his first credit and decided to use it to pay for part of his tuition for school. He is paying 23% APR interest on credit. He decided he can afford to pay $50 per month to pay off his debt. He paid a total of $2,150 for his tuition. Calculate how much interest he will pay in six months if he continues to pay $50 per month. Billing cycle is 30 days. Finance Charge is 23% APR. Use 360 days per year. Formula: Balance * Interest Rate * Billing Cycle/360 Example: 2,000 20 30/360 = 33.33 2,000+33.33=2,033.33 2,033.33-75.00= 1,958.33 Month September October November December January February Balance Amount Still Owed Interest Rate Interest= New Balance = End of Month Balance = Time = Interest Total Paid 33.33 2,033.33 1,958.33 Balance + Interest= New Balance New Balance - Payment Total Interest = End of Month Balance