1.) Consider one of your credit cards. What is the balance?How is the minimum mo

1.) Consider one of your credit cards. What is the balance?How is the minimum monthlypayment determined? Whatwould be the minimum payment? How much of the minimum paymentgoes towards interest? How much of the minimum payment goes towardstheprincipal? Please write out the mathematical portion to show howeach stepdetermines the answer you come up with.