You are finally filming your first movie! Everything is going well until a camera breaks. You need to buy a new one which costs $5100. You have used up all your savings by this point and will need to charge it to your credit card which has an annual interest rate of 16.99%. Assume that you only pay the minimum payment of 3% per month or $25 (whichever is greater), and also that you make no other purchases with your credit card.

Assume you will make the minimum payment. Create an amortization table to show the payment history for this loan. Paste the first five months of the table into the field below.

Using the amortization table you created above for the minimum monthly payment, How many months will it take you to pay off this loan? (Between which two months?)

How much total interest will you pay to the bank?