This table can be used to organize Gigi’s credit card balances and payments over 6 months. The annual percentage rate on the credit card is 14%. Gigi’s Credit Card Payments
Month
Balance
Payment
Interest Rate
Interest Charged
1
$650
$300
0.01167
$4.08
2
$354.08
$50
0.01167

3
$307.63
$50
0.01167

4
$260.64
$50
0.01167

5
$213.10
$50
0.01167

6
$165
$50
0.01167

What is the amount of interest charged for the first 6 months?

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