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Please answer 5 and 6. Thank you! 5) (8 points) You have a credit card with an APR of 24%. You begin with a balance
Please answer 5 and 6. Thank you!
5) (8 points) You have a credit card with an APR of 24%. You begin with a balance of $300 and in response make a payment of $150. The first month you make charges amounting to $260. You make a payment of $140 to reduce the new balance, and the second month you charge $470. Complete the following table and round your answers to the nearest penny. Show your work Previous Payments Purchases Finance New Balance Charge Balance Month 1 $300 $260 Month 2 $140 $150 $470 6) You have a balance of $4500 on your credit card and you make no further charges. Suppose that your APR is 24% and that each month you make only the minimum payment of 5% of your balance. Show your work. Then the balance after t payments = 4500(0.969) a. (2 points) What will your balance be after 3 years? b. (6 points) Determine when the balance first drops below $100. (For full credit, use logarithms to solve this problem and show your work) Step by Step Solution
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