question archive The following table shows the expenses and payments for 2 months on a credit card account with an initial balance of $401
The following table shows the expenses and payments for 2 months on a credit card account with an initial balance of $401
Subject:AccountingPrice: Bought3
The following table shows the expenses and payments for 2 months on a credit card account with an initial balance of $401.00. Assume that the interest rate is 1% per month (12% APR) and that the interest for a given month is charged on the balance from the previous month. For each question, round to the nearest penny and don’t use commas or dollar signs.MonthPaymentExpensesInterestBalance0—$401.001$130$95________________2$30$55________________ What is the interest amount at the end of the first month?What is the balance at the end of the first month?What is the interest amount at the end of the second month?What is the balance at the end of the second month?
