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Recounting Present Value Problem 17 ing Amy, the daughter of one of our clients, is considering purchasing si,200 worth of furniture from Ikea. She doesn't have a credit rating yet, so her options for financing the purchase are somewhat limited. Please analyze the following options and prepare responses to the questions presented below. Thank you for your assistance. Option 1-High Interest rate credit card Amy purchases S1,200 worth of Ikea merchandise and charges it to a credit card that carries a 2% per month interest rate. She believes that she will be a she intends to make paying off the loan over 12 months. But, the minimum monthly payment required by the credit card company (S30). Please prepare the effective interest table for Amy. Date Interest Expense Cash Difference OS Balance If you want to complete the schedule on Excel, feel free to attach it here After 12 months, how much will Amy still owe to the credit card company? How much interest has Amy paid on the si,200 she borrowed? This arrangement is very typical ofretail credit cards. The interest rate is high and the borrower may choose to make the minimum payment each month