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

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is the table complete?

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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

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New Doc 2019-09-24 11.34.13_2.jpg

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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