Suppose you open a credit card account and charge $ to the account on the first of each month to pay for your cable and Internet subscription. You plan to pay just the minimum payment each month for the first months until your summer job starts The APR is and the minimum payment is of the balance. Use Excel to fill in the values in the table below and answer the questions that follow.
tableMonthStarting Balance,New Purchases,Balance Purchases,Finance Charge New Balance Minimum Payment$$$$$$$$XXX
Express your answers rounded to the nearest cent.
a What is the starting balance at the beginling of the th month?
b What is the starting balance at the beginning of the th month?
c Your total finance charge is what percent of your total payments?
Express your answer rounded to the nearest tenth of a percent.
