Henry's monthly minimum credit card payment is calculated by first applying 16% APR which is compounded monthly to the outstanding loan amount. Then he pays 2% of that figure. Currently, Henry has a balance of $12325. What will his monthly payment be? $ hint: First apply the 16% remember that it's monthly, then take 2% of that number Assuming that he only pays the minimum what will his new loan balance be? $ Hint: Take the loan with the 16% added on. Then subtract the payment you just found from the first answer. How much did his debt decrease by? $ hint: Compare the original loan amount to the new loan