If for some reason you can't pay the full balance one month, send in as much over the minimum payment as you can. At the very least, send in your minimum payment on time to avoid late fees and higher APRs. Here's what appears on Michael's bill: Month 1 Beginning balance Purchases Finance charge Other fees New balance Minimum payment Balance to pay off in full 0 $290 $290 6. Let's figure out what Michael's minimum payment would be. a. First, what is the monthly finance charge? b. Next, what is the new balance (purchases + finance charge)? c. Finally, compute the minimum payment (2% of new balance). I 7. How much money would Michael need to send the credit card company before the due date to pay off the complete balance and avoid the finance charge