Question: 1) The previous statement for your credit card had a balance of $510. You make purchases of $140 and make a payment of $60. The

1) The previous statement for your credit card had a balance of $510. You make purchases of $140 and make a payment of $60. The credit card has an APR of 23%. What is the finance charge for this month? (Round your answer to the nearest cent.)

2) Assume that you have a balance of $5500 on your Discover credit card and that you make no more charges. Assume that Discover charges 24% APR and that each month you make only the minimum payment of 3.5% of the balance.

Find a formula for the balance B after t monthly payments.

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