You graduated college and as a graduation gift to yourself you want to buy a nice computer for $1600. 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 18.99%. Assume you make no other purchases with your credit card. (3 points each)

a. You decided to make the minimum payment. Your bank calculates the minimum payment as 2% of your balance or $25 (whichever is greater). Set up an amortization table to show the month-by-month history of your balance. Paste the top five months of the table into the space below.

b. What is your balance after 70 months? Type your answer into the space below.

c. How many months will it take you to pay off your balance? Type your answer into the space below.