MBF3C - Grade 11 Foundations of Mathematics Assignment 18: Credit Cards and Bank Accounts Remember to show all of your work, not just your final answer. 1. You rack up $1050 in charges on a credit card that has an 18% interest rate, compounded monthly. Your minimum payment is 2% of the balance. a. Use a minimum payment calculator to determine how long it would take to pay off your balance if you only make the minimum payment. How much interest do you pay? b. Determine how long it would take to pay off your balance if you make a fixed payment of $150 a month. How much interest do you pay? c. How much of a monthly payment would you need to make to pay off your balance in 6 months