Using the following info please answer the question below:

For this activity, we will use the credit card calculator from bankrate.com (https://www.bankrate.com/calculators/credit-cards/credit-card-minimum-payment.aspx) We also make these assumptions: Your credit cards interest rate (APR) is 19.9%. The minimum payment due each month is 3% of your starting balance.

Question:

Part 1: You desperately want a flat screen TV for your bedroom, and your parents wont buy it for you. You put the $229 TV on your credit card and make the minimum monthly payment each month. Determine (a) the minimum monthly payment, (b) the full cost of the purchase, and (c) the total interest youll pay.

Part 2: If, after 3 months of making the minimum payment, you receive an inflow of cash and can pay off the rest of your balance, what is the effect on the total interest payment (part b above?)