You carry-over balance of $1,004.75 on your credit card. This credit card has an APR of 19.99% and requires a minimum payment of 7% each month. Calculate the finance charge for this month's balance. Round to the nearest penny.Ramona has decided to purchase a used car. The car costs $10,800; she was able to pay $800 down. She secured a 6-year loan at 7.5%. She knows that she can afford to spend a maximum of $300 on a car payment each month. Write the Excel function that would tell her the maximum amount she could borrow.