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It is always the case that the minimum payment is more than the monthly finance charge. Explain what would happen to the balance of the minimum payment were less than the monthly finance charge. It cannot be determined The balance would increase The balance would decrease. The balance would remain the same Show My Work Optomele PASUR You have a credit card with an APR of 35%. The card requires a minimum monthly payment of 5% of the balance. You have a balance of $8500. You stop charging and make only the minimum monthly payment. What is the balance on the card after seven years? (Round your answer to the nearest cent.) Show My Work Otomat T. DETAILS ADVOCATEN You have a credit card with an APR of 27%. The card requires a minimum monthly payment of 8% of the balance. You have a balance of $7900. You stop charging and make only the minimum monthly payment. What is the balance on the card after fifty-seven months? (Round your answer to the nearest cent.) Show My Workout YOUR CHORACTICE Assume that you have a balance of $2000 on your MasterCard and that you make no more charges. Assume that MasterCard charges 12% APR and that each month you make only the minimum payment of 5% of the balance. Find a formula for the balance after monthly payments. (Enter numerical values to four decimal places.) Hint 1: You must write the formule as an equation, which means it should include an equal sign with variables and/or constants on both sides. The initial balance is entered in exact form. The product within the square brackets should be entered as a single number that is rounded to four decimal places Hint 2: You are not required to use the symbol palette that appears on screen. You may use your keyboard to type and which is the keyboard version of the multiplication symbol) Mint 3: Type the before the exponent or use the symbol palette to enter the exponent. PARE The previous statement for your credit card had a balance of $80. You make purchases of $160 and make a payment of $70. The credit card has an APR of 21%. What is the finance charge for this month? (Round your answer to the nearest cent.) 5 Show My Work (Optional 3.104 PM RANGE MORE A YOU ARE Assume that you start with a balance of $640 on your credit card. During the first month, you charge $220 and make a payment of $420. During the second month, you charge $120 and make a payment of $320. Assume that your credit card charges a 24% APR. Complete the following table. (Round your answers to the nearest cent.) Show My Work Optional . PATALE PARIS NIYOR You have a credit card with an APR of 28%. The minimum payment is 12% of the balance. Suppose you have a balance of $850. You decide to stop charging and make only the minimum payment. Complete the table. (Round your answers to the nearest cent.) * Show My Work Open 122/128 PIRMS ALE YOUR Assume that you start with a balance of $3500 on your credit card. During the first month, you charge $500, and during the second month, you charge $550. Assume that your credit card charges a 33% APR and that each month you make only the minimum payment of 2.5% of the balance. Complete the following table. {Round your answers to the nearest cent.) Few Show My Work (Opens
