Imagine you (A) and your best friend (B) each buy the same mobile phone and pay with a credit card. When this happens, the bank pays the mobile company, and you and your friend become indebted to the bank. For every year you do not pay back the debt, the bank charges you interest: a percentage of what you owe. The interest rate is called an annual percentage rate (APR), while the amount owed is called the balance. a) Choose the mobile phone you and your friend would buy, find its price in $ or AED. Then using the table below, calculate how much each of you would owe over time if neither made any payments to bank. After six years, how much would the mobile phone end up costing?