View 125% Zoom Sheet1 All Cat Insert Table Chart Text Shape Media Comment Datab #2.) Assume that you have a balance of $3000 on your Discover credit card and that you make no more charges. Assume that Discover charges 21% APR and that each month you make only the minimum payment of 2% of the balance. a.) What is the minimum monthly payment on the Discover credit card for this month? (Answer in the green cell) b.) What interest rate is used for the finance charge? (Answer in the green cell) c.) Calculate the balace for the next 5 months. Previous Balance Minimum Payment Purchases Finance charge New balance Month 1 2 3 4 5 d.) Use the minimum payement balance formula to calculate the balance after 2 years. Assume there are no new purchases on the Discover card. Suppose that only the minimum payment is made on the card. Balance = Initial balance x ((1 + r)(1 -m)) *Caution! May need additional parenthesis Balance Payment Purchases charge balance Month 1 2 3 4 d.) Use the minimum payement balance formula to calculate the balance after 2 years. Assume there are no new purchases on the Discover card. Suppose that only the minimum payment is made on the card. Balance = Initial balance x ((1+r)(1 - m)) *Caution! May need additional parenthesis. Initial Balance Minimum Payment as a percent (m) Balance after 2 years Interest (r) Time (D