(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.
(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.)? $
You can earn partial credit on this problem.