Assume you start with a balance of $1000.00 on your Visa credit card. During the first month you charge $400.00, and during
the second month you charge $250.00. Assume that Visa charges 12% APR and the minimum payment is 5% of the balance
each month. Assume also that you only make the minimum payments. Complete the following table.
Month
Previous balance Minimum payment
Purchases Finance Charge New Balance
1
$1000.00
2
(Give your answer to at least two decimal places.)
Month 1 purchases
dollars