Assume you have a balance of ?$1400 on a credit card with an APRof 18?%, or 1.5?% per month. You start making monthly payments of?$200, but at the same time you charge an additional ?$ 60 per monthto the credit card.
Assume that interest for a given month is based on the balancefor the previous month.
The following table shows how you can calculate your monthlybalance. Complete and extend the table to show the balance at theend of each month until the debt is paid off. How long does it taketo pay off the credit card? debt?
Fill out the table row by? row, and continue until the last fullpayment. ?(Round to the nearest cent as? needed.)
Month Payment Expenses Interest NewBalance
0 ?- ?- ????? - ?$ 1400
1 ?$200 ? ??$60?? ?$ 1400??$200 plus +?$ 60 +?$ 21.00 =?$ 1281.00 ??2 ?$200 ?? ?$60?? ? $ ?
