document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1050773>Question 1050773</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Assume you have a balance of $900 on a credit card with an APR of 24% or 2% per month. You start making payments of $150 per month, but at the same time charge an additional $60 per month to the credit card. Assume the interest for a given month is based on the balance for the previous month.<BR>\n" );
document.write( "Month 0 - $900<BR>\n" );
document.write( "Month 1- What would be the interest and the new balance? (Payment is $150)<BR>\n" );
document.write( "Month 2 - What would be the interest  and new balance?( Payment is $150)<BR>\n" );
document.write( "Month 3- What would be the interest  and new balance?(Payment $150)<BR>\n" );
document.write( "Month 4- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 5- what would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 6- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 7- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 8- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 9- What would be the interest and new balance ?(Payment is $150)<BR>\n" );
document.write( "Month 10- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "Month 11- What would be the interest and new balance?(Payment is $150)<BR>\n" );
document.write( "How long does it take to pay off your debt? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #666437 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=666437\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> your solution, as i understand and interpret the problem is shown below:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the concept used is:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "your remaining balance is 900 at month 0.<BR>\n" );
document.write( "month 0 is the beginning of month 1.<BR>\n" );
document.write( "month 1 is the end of month 1 and the beginning of month 2.<BR>\n" );
document.write( "etc.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "pmt is the monthly payment of 150 that is made at the end of each month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "int is the interest rate that is calculated from the remaining balance of the previous month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "in month 1, the interest rate is .02 * 900 = 18.00.<BR>\n" );
document.write( "in month 2, the interest rate is .02 * 828 = 16.56.<BR>\n" );
document.write( "etc.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "chg is the amount of additional purchases made during the previous month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "for example, the 60 shown in month 1 is the amount of additional charges incurred between month 0 and month 1.   \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "that means the additional charges incurred between the beginning of month 1 and the end of month 1.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the balance is paid off in month 12.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the negative balance is the credit you would receive back because you paid more than was in the account.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2016/100204.jpg\" alt=\"$$$\" </>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );