Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 3% of the balance. During the first month, you charge $250, and during the second month, you charge $600. Complete the following table. (Round your answers to the nearest cent.)
Previous balance |
Minimum payment | Purchases | Finance charge |
New balance |
|
---|---|---|---|---|---|
Month 1 | $5000.00 | ||||
Month 2 |
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