Francisco's credit card has an APR of 13%, calculated on the previous
monthly balance, and a minimum payment of 2%, starting the month after the
first purchase. His credit card record for the last 7 months is shown in the
table below.
End of
month
Previous
balance
$0.00
$5200.00
$5152 33
$5105.10
$5058 31
$5011.94
$4966.00
New
charges
$5200.00
$0.00
$0.00
$0.00
$0.00
$0.00
50.00
Payment
received
$0.00
$104.00
$103.05
$102.10
$101.17
$100.24
599.32
Finance
charges
$0.00
$56.33
$55.82
$55.31
$54.80
$54.30
$53.80
Principal
paid
$0.00
$47 67
$47.23
$46.80
$46.37
$45.94
$45.52
New
balance
$5200.00
$5152 33
$5105.10
$5058.31
$50 11.94
$4966.00
$4920.47
How much of the $5200 charge that Francisco made during the first month
has been paid off?