You have a Maxi Card with a $700 limit for this exercise. The card has a monthly finance charge of 1.67%. Fill out the following table. Your payment each month is $50. You are finished when you have paid it off.
Each month, except the first:
Balance = last month’s new balance – payment
onthly Finance Charge = balance (0.0167)
New balance = balance + monthly finance charge
Month 1 2 3 4 5 6 7 8
Balance
Interest
New Balance
Payment
Month 9 10 11 12 13 14 15 16 Total
Balance
Interest $
New Balance
Payment $