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Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard...

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Finance

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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