Suppose you have a credit card with an APR of 17.99% that requires a monthly minimum payment equal to 4% of the current balance. The balance on your bill last month was $4500. In response to the last bill, you sent a payment of $250 and charged an additional $150 of purchases.

15. Find the new balance before any interest is added for this month.

16. Find the finance charge for this month.

17. Find the total new balance, including finance charge.

18. What is the minimum required payment for this month?

19. Suppose you stop making new charges and pay only the minimum required payment each month for the next 3 years. What will your balance be?

20. If you stop making new charges and pay only the required monthly minimum payment, how long will it take you, in years, to reduce your balance to less than $100?

21. If you decide to pay the balance off in 3 years, instead of paying only the minimum, what must you pay each month?