Most credit cards will require a minimum payment by due date, and as low as three percent of the outstanding balance is a common minimum payment. Lets see what happens to your balance if you only make the minimum payment (3% of balance) each month. As before, use the 24.99% APR (the higher interest rate you have because you exceeded your limit). Well organize the information in the following table which I have partially completed for you. month starting balance finance charge new balance minimum payment 1 $2000 $61.25 2 $2021.64 3 $40.84 4 $1941.78 xxxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxxx 16. With a beginning balance of $2000, no additional charges during the billing cycle and an APR of 24.99%, determine for month 1: a. the new balance

17. For month 2, assuming that you made only the minimum payment in month 1, determine a. new balance 18. For month 3, assuming that you made only the minimum payment in month 2, determine a. new balance 19. During the first three months, how much money did you send the credit card company making the minimum payments only? 20. How much of the money you sent them did the credit card company keep for itself? In other words, what was the total amount of finance charges (interest paid) for these three months?