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Question

This question was created from Unit 8 OpenResponse https://www.coursehero.com/file/21225232/Unit-8-OpenResponse/

is the table complete?

II.
Option 1: Use Your Credit Card (15 pts)
You have a Maxi Card with a \$700 limit for this exercise. The card has a monthly
finance charge of 1.67%. Fill out the following table. Your payment each month
is \$50. You are finished when you have paid it off.
Each month, except the first:
Balance = last month's new balance - payment
Monthly Finance Charge = balance (0.0167)
New balance = balance + monthly finance charge
Month
1
2
3
4
5
6
7
8
Balance
\$700
\$100.01
\$150.0
\$200.0
\$250.0
\$300.0
\$350.0
\$400.0
1
1
1
1
1
1
Interest
1.67%
1.67%
1.67%
1.67%
1.67%
1.67%
1.67%
1.67%
New
\$100.01
\$150.01
\$200.0
\$250.0
\$300.0
\$350.0
\$400.0
\$450.0
Balance
1
1
1
1
1
1
Payment
\$50
\$50
\$50
\$50
\$50
\$50
\$50
Month
9
10
11
12
13
14
15
16
Total
Balance
\$450.0
\$500.0
\$600.0
1
1
1
Interest
1.67%
1.67%
1.67%
New
\$500.0
\$550.0
Balance
1
1

Month
13
6
8
9
10
11
12
13
14
15
16
Balance
700
661.69 622.74 572.76 522.77 472.79 422.81 372.82 322.84 272.86 222.87 172.89 122.91 72.924
22.94
0.00
Interest/
FinanceCharge
1.67%
1.67%
1.67%...

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