Kenny realizes that he totally forgot about a credit card that he made some charges to a few months back. He checks the balance and sees that it has gone all the way up to about $4790 (charges, interest, late fees). Because of his late payments, the APR on the card is now at 30.98%. Further, the minimum payment on the card is now $125 every month.

e) Considering that the current balance of the card is $4790 and the APR is 30.98%:

i. (6 points) Calculate the monthly percentage rate and determine how much of the first $125 minimum payment will go towards interest and how much will go towards reducing the balance on the card.

ii. (4 points) Based on your answer to part (i), is it a good idea to only make the required monthly payments on this card or should Kenny pay the card off more quickly? Justify your response using quantities and in complete sentences.