You have received your monthly credit card statement and must now deal with the financial realities of last month's birthday celebration. While your birthday was deserving of a celebration, dealing with the $1400 in credit card charges will require some planning. Your credit card statement lists the APR (Annual Percentage Rate) for your balance to be 13.1 % This is the yearly interest rate the credit card company uses in calculating interest due on your balance. Express the APR as a decimal: APR= The credit card company compounds interest monthly. Let's compute your monthly interest rate, i, on credit card charges. (Note: For this lab.round your monthly interest rate to 5 decimal places. Using more decimal places of accuracy would result in minor changes to your answers, but just by a few cents.) = APR 12 22 The minimum payment required by your credit card company is $25 per month. Assuming that you do not make any new charges to your account, you will answer the following questions to help you determine the best plan for paying off this credit card debt. a) To begin with, let's check out the plan of only paying the minimum amount due each month. To get a feel for how this will affect the balance, you'll compute the interest and the balance on the first few months assuming a the minimum monthly payment of $25. Let B represent the balance for the kth month and I represent the interest charged for the kth month. For example. I, is the interest charged on the original balance and B is the original balance plus I, minus the $25 payment (said differently. B, is the balance after one month). Start by finding those values. For this exercise, round all values to the nearest cent (2 decimal places). (Hint: I iBk-1) 1-$ B = $