Business, 05.05.2020 02:58 dillon3466

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
$0.00
$3900.00
$3857.75
$3815.96
$3774 62
$3733.73
$3693.28
New
charges
$3900.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Payment
received
$0.00
$78.00
$77.16
$76.32
$75.49
$74.67
$73.87
Finance
charges
$0.00
$35.75
$35.36
$34.98
$34 60
$34.23
$33.86
PrincipalN ew
paid
balance
$0.00 $3900.00
$42.25 $3857.75
$41.79 $3815.96
$41.34 $3774.62
$40.89 $3733.73
$40.45 $3693.28
$40.01 $3653.27
How much of the $3900 charge that Patrice made during the first month has
been paid off?

Answers: 2

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Patrice's credit card has an APR of 11%, calculated on the previous monthly
balance, and a min...