You have $50,000 in credit card debt. To help reduce your debt faster you decide to make a monthly payment of $1,200 (this is a flat payment). Your APR on the credit card is 18%.

You must create an amortization table to answer the questions. The answer you enter must be rounded (correctly) to two decimal places. DO NOT include commas or dollar signs in your answer. For example, the end balance after 2 months would be entered as 49093.25.

1. What is the end balance on your credit card after five years? (Be careful here - remember that your table is counting by months.)

2. How much total interest have you paid after 5 years? (Hint: This is not asking how much interest you pay in month 60, it is asking the total interest you have paid over all 60 months combined.)

Use the following scenario to answer Questions 3 and 4 on the quiz.

You accumulated a balance of $2,300 on your credit card that carries an interest rate of 17%. You can't afford to pay the $2,300 all at once, but you can pay the minimum payment, which is 2% per month (not less than $25).

3. What is the balance on your card after 5 years?

4. How many months will it take you to pay off the credit card if you continue to make the minimum payment?