Pat has a carryover balance of $3,000 on a credit card that has a 17.99% annual percentage rate (APR). Pat has a recurring purchase of $95 each month that goes straight to the credit card and makes a consistent payment of $250 each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000.
Provide your answer below:
Month	Carryover Balance	Finance Charge	New Purchase	Ending Balance	Payment
1	3000		95		250
2				3028.31	
3	2778.31	41.65			250
 

We can break this down step by step. Here's how to complete the table for each month:

### General formula for calculating the finance charge:
The finance charge for each month is calculated as:
\[
\text{Finance Charge} = \text{Carryover Balance} \times \frac{\text{APR}}{12}
\]
In this case, the APR is 17.99%, which means the monthly interest rate is:
\[
\frac{17.99\%}{12} = 1.4992\%
\]

### Month 1
- **Carryover Balance**: $3000
- **New Purchase**: $95
- **Finance Charge**: 
\[
3000 \times 0.014992 = 44.98
\]
- **Ending Balance**: 
\[
3000 + 44.98 + 95 - 250 = 2889.98
\]
- **Payment**: $250

### Month 2
- **Carryover Balance**: $2889.98
- **Finance Charge**: 
\[
2889.98 \times 0.014992 = 43.33
\]
- **New Purchase**: $95
- **Ending Balance**: 
\[
2889.98 + 43.33 + 95 - 250 = 2778.31
\]
- **Payment**: $250

### Month 3
Already provided:
- **Carryover Balance**: $2778.31
- **Finance Charge**: $41.65
- **New Purchase**: $95
- **Ending Balance**: 
\[
2778.31 + 41.65 + 95 - 250 = 2665.96
\]
- **Payment**: $250

### Updated Table

| Month | Carryover Balance | Finance Charge | New Purchase | Ending Balance | Payment |
|-------|-------------------|----------------|--------------|----------------|---------|
| 1     | 3000              | 44.98          | 95           | 2889.98        | 250     |
| 2     | 2889.98           | 43.33          | 95           | 2778.31        | 250     |
| 3     | 2778.31           | 41.65          | 95           | 2665.96        | 250     |

Would you like more details or have any questions?

### Related Questions:
1. How do different APR values affect the finance charge each month?
2. What happens if Pat increases the monthly payment to $300 instead of $250?
3. How would the balance change if Pat made no new purchases each month?
4. What would be the total interest paid if Pat continued this pattern for 12 months?
5. How does rounding to the nearest cent impact the finance charges over time?

### Tip:
Always try to pay more than the minimum payment to reduce interest over time.

Pat has a carryover balance of $3,000 on a credit card that has a 17.99% annual percentage rate (APR). Pat has a recurring purchase of $95 each month that goes straight to the credit card and makes a consistent payment of $250 each month. Complete the table below. Round each value to the nearest cent. Do not enter commas in any answers over $1000.

Learn how to calculate the finance charge and ending balance for a credit card with a 17.99% APR, including recurring monthly purchases and payments. Step-by-step guide includes core concepts of interest calculation and algebra. Suitable for students in Grades 9-12.

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