MATH: The Cost of Minimum Payments part I: Practice Problem with two other classmates, complete the following practice problem. Each of you will complete calculations for one character profile while your teammates will complete calculations for the other two character profes. Teacher Tip: You can also divide your class into 3 sections, each section solving for the 3 different characters. Then, bring the whole class back together to compare their calculations and continue Part Ill together. Three friends each have a balance of $5,000 on their credit cards with a 25% APR. They ve decided that they will not make any other purchases on their cards until they pay off the debt and make varying amounts of monthly payments. Sharon can only make the credit card minimum payment, $150 per month Cecilia can set aside $400 per month to pay back her debt Alexander can pay $800 per month for his credit card After 5 months, how much will each person have paid in interest so far and how large will their remaining balance be? Use the formulas below to calculate their interest and balance for each month