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Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after
Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. Her credit card record for the last 7 months is shown in the table below. End of month Previous balance New charges Payment Finance Principal New received charges paid balance $0.00 $3900.00 50.00 30.00 $0.00 $3900.00 234567 $3900.00 $0.00 $78.00 $35.75 $42.25 $3857.75 $3857 75 50.00 $77 16 $35 36 $41.79 $3815 96 $3815.96 $0.00 $76.32 $34 98 $41.34 $3774 62 $3774.62 50.00 575.49 $34.60 540.89 $3733.73 $3733.73 $0.00 $74.67 534 23 $40.45 $3693.28 $3693.28 50.00 $73.87 $33.86 $40.01 $3653.27 How much of the $3900 charge that Patrice made during the first month has been paid off? A. $208.77 B. $40.01 C. $455.51 D. $246.73
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