2 Points
Carlton's credit card has an APR of 17%, 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 $4400.00 $0.00
$0.00
$0.00 $4400.00
$4400.00 $0.00 $88.00 $62 33 $25.67 $4374.33
$4374.33 $0.00 $87.49 $61.97 $25.52 S4348.82
$4348.82 $0.00
586.98
$61.61
$25.37 $4323.45
$4323.45 $0.00
586.47
$61.25 $25.22 54298.23
$4298.23 $0.00 $85.96 $60.89 $25.07 $4273.16
$4273.16 $0.00 $85.46 $60.54 $24.93 $4248.23
OWN
How much of the $4400 charge that Carlton made during the first month has
been paid off?