You owe $2000 on a credit card. The card charges 1.3% monthly interest on your balance, and requires a minimum monthly payment of 2.4% of your balance. All transactions (payments and interest charges) are recorded at the end of the month. You make only the minimum required payment every month and incur no additional debt.

(a) Complete the table below for a twelve month period. The first column is your total balance on first of the month. The second column is the amount of interest charge as a result of your outstanding balance, and third column is the minimum payment which is due at the end of the month. Thus for example, on January first your initial balance is $2000. As a result you are charged $26 in interest and are required to make a minimum payment of $48. Thus on February first your new balance is $1978 = $2000 + $26 - $48  . Do not include any commas or dollar signs in your answers.

MonthBalanceInterestMinimum Payment
Jan20002648
Feb197825.7147.47
Mar1956.24
April
May
June
July
Aug
Sept
Oct
Nov
Dec

(b) What will be your unpaid balance on January 1 of the next year? $

(c) Based on your answer above, how much of your debt have you paid off in the year? $

(d) How much money did you spend on interest charges (add up all of the interest fees charged from Jan. - Dec.)? $