Your credit rating is not so good, and your credit card has an APR of 24.24%. The minimum payment is the greater of $20 or 3% of the balance shown on the bill. In month 1 you have a balance of $2,000. (Because you have been running a balance, there is no grace period.)

(a) What is the monthly interest rate?

(b) How much interest will be shown on the next bill (month 2)?

(c) What will be the minimum payment on the bill?

(d) The interest comes out of your payment first. What percentage of your payment goes to pay off principal?