Question: Question 9 5 pts Fill in the chart below using the information for Credit Card Finance. Mike starts with $540 and an APR of 24%
Question 9 5 pts Fill in the chart below using the information for Credit Card Finance. Mike starts with $540 and an APR of 24% and makes no new purchases. The minimum payment is always 7%. Whatever the minimum payment is each month, he always pays $100 MORE the next month. Can this person get the balance down to zero in 4 months? Month Carry Over Balance Finance Charge New Balance Minimum Payment (not including extra $100 each payment) $540.00 (Remember to include the extra $100 payment when you write the new carry over balance each month!)
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