Benjamin's credit card has an APR of 19%, 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
$2400.00
S2390.00
$2380.04
$2370.12
$2360 25
S2350.41
New
charges
$2400.00
$0.00
$0.00
$0.00
$0.00
SO 00
50.00
Payment
received
$0.00
$48.00
$47 80
$47.60
$47.40
$4720
$47.01
Finance
charges
$0.00
$38.00
537 84
$3768
$3753
$3737
$37 21
Principal
paid
$0.00
$10.00
$9.96
$9.92
59.88
59 83
$9 79
New
balance
$240000
$2390 00
52380 04
$2370 12
52360 25
$2350 41
$2340 62
What is the total amount that Benjamin has made in payments over the 7
months?
O
O
A. $59.38
B. $47.01
O
O
c. $225.64
D. $285.01