Consumer math / Credit card math question

I can't understand this question, I've solved it and gone through it several times and the balance keeps increasing! It should be going down since its a payment!

You bought a watch for $550, your Maxi Credit Card has $700 limit. the monthly financeF charge is 1.67 ( .0167 ), Fill out the table with payment of $50 each month until you have paid off the payment.

The table is something like this,
Month 1 2 3 ...... etc
Balance:
Interest:
New Balance:
Payment:


If anyone at all can help me or explain/solve this for me I will promise you'll get the 10 points best answer!

hurricane

Here is the table (use the dollar signs to distinguish the different columns) ...

Mo Balance Interest Payment New Bal
1 $550.00 $9.19 $50.00 $509.19
2 $509.19 $8.50 $50.00 $467.69
3 $467.69 $7.81 $50.00 $425.50
4 $425.50 $7.11 $50.00 $382.60
5 $382.60 $6.39 $50.00 $338.99
6 $338.99 $5.66 $50.00 $294.66
7 $294.66 $4.92 $50.00 $249.58
8 $249.58 $4.17 $50.00 $203.74
9 $203.74 $3.40 $50.00 $157.15
10 $157.15 $2.62 $50.00 $109.77
11 $109.77 $1.83 $50.00 $61.60
12 $61.60 $1.03 $50.00 $12.63
13 $12.63 $0.21 $12.84 $-

So, pay $50 for 12 months, then pay $12.63 in the 13th month

hope that helps