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 Business Decisions — Charge Options 

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Raynor starts a new credit card that charges 24% annual interest per year to keep his bookkeeping simple when buying a $1,499 computer. (He will use the card for nothing else.) The credit card charges him one-twelfth of its annual interest rate each month. Raynor pays $140 per month until the balance is paid off. Fill in the last parts of the table below.

1. The month nine ending amount, also the month ten starting amount...

$382.86 $390.67 $398.48 $476.62

2. The month ten amount on which interest was due...

$242.86 $250.67 $258.48 $336.62

3. The month ten amount of interest...

$4.86 $5.01 $5.17 $5.52

4. The month ten ending amount, also the month eleven starting amount...

$253.31 $263.65 $393.31 $403.65

5. The month eleven amount on which interest was due...

$113.31 $123.65 $253.31 $263.65

6. The month eleven amount of interest...

$2.27 $2.47 $5.07 $5.80

7. The month eleven ending amount, also the month twelve starting amount and payment amount...

$111.30 $116.24 $121.18 $126.12

8. Continuing the previous problem, find his total interest in dollars.

$163.30 $159.48 $167.12 $175.10

9. Continuing the previous problem, find what percentage of his first month's payment was interest.

2% 9% 10% 19%

10. Continuing the previous problem, find what percentage of his tenth month's payment was interest.

2% 4% 35% 54%