Solve the problem.
-The table below shows the expenses and payments for 4 months on a credit card account
with an initial balance of $500. Assume that the interest rate is 1.7% per month (20.4% APR)and that interest for a given month is based on the balance for the previous month.
Complete the table. $$\begin{array} { l c c c c }
\hline \text { Month } & \text { Payment } & \text { Expenses } & \text { Interest } & \text { Balance } \
\hline 0 & - & - & - & \$ 500 \
1 & \$ 200 & \$ 120 & 1.7 \% \times \$ 500 = \$ 8.50 & \$ 428.50 \
2 & \$ 100 & \$ 310 & & \
3 & \$ 300 & \$ 60 & & \
4 & \$ 250 & \$ 180 & & \
\hline
\end{array}$$

Question

Solve the problem.
-The table below shows the expenses and payments for 4 months on a credit card account
with an initial balance of $500. Assume that the interest rate is 1.7% per month (20.4% APR)and that interest for a given month is based on the balance for the previous month.
Complete the table. $$\begin{array} { l c c c c } 
\hline \text { Month } & \text { Payment } & \text { Expenses } & \text { Interest } & \text { Balance } \
\hline 0 & - & - & - & \$ 500 \
1 & \$ 200 & \$ 120 & 1.7 \% \times \$ 500 = \$ 8.50 & \$ 428.50 \
2 & \$ 100 & \$ 310 & & \
3 & \$ 300 & \$ 60 & & \
4 & \$ 250 & \$ 180 & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Solve the problem.
-The table below shows the expenses and payments for 4 months on a credit card account
with an initial balance of $500. Assume that the interest rate is 1.7% per month (20.4% APR)and that interest for a given month is based on the balance for the previous month.
Complete the table. $$\begin{array} { l c c c c } 
\hline \text { Month } & \text { Payment } & \text { Expenses } & \text { Interest } & \text { Balance } \
\hline 0 & - & - & - & \$ 500 \
1 & \$ 200 & \$ 120 & 1.7 \% \times \$ 500 = \$ 8.50 & \$ 428.50 \
2 & \$ 100 & \$ 310 & & \
3 & \$ 300 & \$ 60 & & \
4 & \$ 250 & \$ 180 & & \
\hline
\end{array}$$

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