Sam has a credit card balance of $562.37. He paid $200 of the balance this month and plans to pay the remainder of it next month. The annual interest rate for Sam’s credit
card is 17.9%, which means he will pay 1.49% interest per month.
a. If Sam makes no other payments or charges on the credit card during the next
month, what is the amount of interest that will be added to his next month’s
bill?
b. What will be the total amount Sam will owe on his credit card next month if he
plans to pay the balance in full?