Leroy's credit card has an APR of 21%, 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 Previous
New
Payment Finance Principal New
month balance charges received charges paid balance
$0.00 $2600.00 $0.00 $0.00 $0.00 $2600.00
$2600.00 $0.00 $52.00 $45.50 $6.50 $2593.50
$2593 50 $0.00 $51.87 $45.39
$6.48
$2587 02
$2587.02 $0.00 $51.74 $45.27
$6.47
$2580.55
5 $2580.55 $0.00 $5161 $45.16 $6.45 $2574.10
6 $2574 10 $0.00 $51.48 $45.05 $6.44 $2567.66
7 $2567 66 $0.00 $51.35 $44.93 $6.42 $2561 24
1
2.
3
4
What is the total amount that Leroy has paid in interest over the 7 months?
O A. $271.30
O B. $38.76
O C. $310.06
D. $44.93