What formula can you use to solve credit card issues

Question

Assume that you start with a balance of $5000 on your MasterCard. Assume that MasterCard has finance charges of 16% APR and that each month you make only the minimum payment of 4% of the balance. During the first month, you charge $350, and during the second month, you charge $650. Complete the following table. (Round your answers to the nearest cent.)
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balance Minimum payment

Answer 1

Month #1:

 

  350 * (1.16) = 406 <-- interest charge

 

  you pay 4%, so 0.96 * 406 = 389.76 <--- balance after 1 month

 

Month #2:

 

     389.76 + 650  = 1039.76

 

   1039.76 * 1.16 = 1206.12 <-- interest charge

 

    You pay 4%, so 0.96 * 1206.12 = 1157.88

 

3842.12 remains on the card