Question

Patrick's credit card has an apr of 17% calculated on the previous monthly balance and minimum a 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

how much of the 4400 charge that Patrick made in the first month has been paid off?​

Answer 1

$151.78

Explanation:

The sum of the amounts in the "Principal Paid" column is ...

$25.67 +25.52 +25.37 +25.22 +25.07 +24.93 = $151.78

The amount Patrick has paid against his original charge is $151.78.

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Comment on minimum payment

If Patrick continues to make the minimum payment, it will take more than 70 years for the balance remaining to drop below $25. In that time, Patrick will have paid about $15,000 to the credit card company.