Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months.Assume an APR of 15.99% and a required minimum payment of 5%.What will the balance be at the start of month 2?Round your answer to the nearest cent.

Hint: Use Excel to do this and the rest of the questions in this assignment!Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months.Assume an APR of 15.99% and a required minimum payment of 5%.What will the balance be at the start of month 3?Round your answer to the nearest cent.

MonthBeginning BalanceFinance ChargeNew BalanceMinimum ,Your friend must make a $1,000 charge on his credit card to pay for car repairs and can only make the minimum payment for the next 3 months.Assume an APR of 15.99% and a required minimum payment of 5%.What will the balance be at the start of month 4?Round your answer to the nearest cent.