For all exercises, clearly and logically show your work (numbers AND units). Round all answers to two decimal places unless instructed otherwise. 1. Suppose you have a current balance of $2500 on a student credit card with 24% APR compounded monthly. a. (1 point) Assuming you make no more charges to the card, calculate the monthly payment needed to pay off the credit card in two years. Answer: $ b. (0.5 points) Find the monthly interest rate. Monthly Interest Rate: c. (2 points) Complete the first two rows of the amortization table. No work required. Beginning Monthly Principal Month Balance Payment Interest Reduction Ending Balance 1 2 SS $ $ $ $ AS $ $ $ $ $ $