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Marcus has a balance of $2,200 on his credit card. The credit card has an annual interest rate of 15%, compounded monthly (1.25% each month).

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Marcus has a balance of $2,200 on his credit card. The credit card has an annual interest rate of 15%, compounded monthly (1.25% each month). Marcus uses his credit card for various expenses throughout month and, at the end of each month, makes a $225 payment. Use this information to complete the table below. Round to the nearest cent as needed. Month Prior Balance 1.25% Interest on Prior Balance Additional Charges Monthly Payment Ending Balance $2200 1 2 $2200 st $358 $225 $ 3 S $ $157 $225 $ 4 V $29.03 S485 $225 $2611.04 5 $2611.04 S $437 $225 $

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