Question

You have a credit card with an APR of 20%. You begin with a balance of...

You have a credit card with an APR of 20%. You begin with a balance of $750. In the first month you make a payment of $550 and you make charges amounting to $400. In the second month you make a payment of $400 and you make new charges of $550.

Complete the following table. (Round your answers to the nearest cent.)

Previous
balance
Payments Purchases Finance
charge
New
balance
Month 1 $750 $ $ $ $
Month 2 $ $ $ $ $

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