Salvatore's credit card has an APR of 14.9% calculated on the previous monthly balance. His credit card record for the last 7 months is shown in the table below. Salvatore is trying to figure out what this all means. Help him by answering the following questions. Part 1: What is the total amount that Salvatore has paid in interest over the 7 months?
Part II: What is the total amount that Salvatore has made in payments over the 7 months?
Part III: How much of Salvatore's payments has gone to paying down the principal on his account?
Part IV: What is Salvatore's new balance at the end of month 8?
Part V: What will Salvatore be charged for interest for month 8?