Suppose you owe 400 on your credit card and you decide to

Last updated: 2/27/2023

Suppose you owe 400 on your credit card and you decide to make no new purchases and to make the minimum monthly payment on the account Assuming that the interest rate on your card is 2 per month on the unpaid balance and that the minimum payment is 4 of the total balance plus interest your balance after t months is given by B t 400 0 9792 Find your balance at each of the given times Complete parts a through e below After six months the balance is S Round to the nearest cent as needed b one year remember that t is in months After one year the balance is Round to the nearest cent as needed c seven years After seven years the balance is Round to the nearest cent as needed d nine years After nine years the balance is Round to the nearest cent as needed e On the basis of your answers to parts a d what advice would you give to your friends about minimum payments O A The minimum payment maximizes the short term cost and minimizes the long term cost It would be advisable to pay more than the minimum monthly payment when possible the overall cost decrease OB The minimum payment minimizes the short term cost and maximizes the long term cost It would be advisable to pay only the minimum monthly payment to decrease the short term cost OC The minimum payment maximizes the short term cost and minimizes the long term cost It would be advisable to pay only the minimum monthly payment to decrease the short term cost