Assume that you start with a balance of $4000 on your Visa credit card. During...
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Finance
Assume that you start with a balance of $4000 on your Visa credit card. During the first month, you charge $600, and during the second month, you charge $300. Assume that Visa has finance charges of 30% APR and that each month you make only the minimum payment of 2% of the balance. Complete the following table. (Round your answers to the nearest cent.)
| Previous balance | Minimum payment | Purchases | Finance charge | New balance | |
|---|---|---|---|---|---|
| Month 1 | $4000.00 | $ | $ | $ | $ |
| Month 2 | $ | $ | $ | $ | $ |
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