You have a $1,400 balance on your 15% credit card. You have lost your job and been unemployed for 6 months. You have been unable to make any payments on your balance. However, you received a tax refund and want to pay off the credit card. 1. How much will you owe on the credit card if you have not made a payment for 6 months? 1 month- $1417.50 2 months- $1435.22 3 months- $1453.16 4 months- $1471.32 5 months- $1489.71 6 months- $1508.33 2. How much interest will have accrued? Interest Accurde: $108.33 3. What will be the effective rate of interest after the 6 months? Note: Round your answer to the nearest hundredth percent. ?

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