The following rules are among the many provisions of the particular credit card agreement.

• For the regular plan, the minimum payment due is the greater of $5 or 5% of the new balance shown on your statement (rounded to the nearest $1) plus any unpaid late fees and return check fees, and any amounts shown as past due on your statement.

• If you make a purchase under a regular plan, know finance charges will be imposed in any billing period in which

• (i) there is no previous balance or

• (ii) payments received and credits issued by the payment due date, which is 25 days after the statement closing date shown on your last statement, equal or exceed the previous balance

• . If the new balance is not satisfied in full by the payment due date shown on your last statement, there will be a finance charge on each purchase from the date of purchase.

a). If the new balance in your account is $7 and you have $40 in unpaid late fees, what is your minimum payment due?

b). Suppose you have a previous balance of $120 and you pay $150 one month after the statement closing date. Will you be assessed a finance charge?

c) In part (b), if you make a purchase on the same day that you make the $150 payment, will a finance charge be assessed on that purchase?