Question: You finance a $500 car repair completely on credit..
You finance a $500 car repair completely on credit, you will just pay the minimum payment each month for the next three months. The APR is 18.99% and the minimum payment each month is 4% of the balance. Determine the finance charge, new balance, and minimum payment required for each of the next two months, and the starting balance for month 2 in the table below (round to the nearest cent): 6 points
|Month||Starting balance||Finance charge||New balance||Minimum payment|