Question

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.

What is the total amount that Benjamin has made in payments over the 7 months?
A. $225.64
B. $59.38
C. $47.01
D. $285.02

Answer 1

Total amount in payments = 48 + 47.80 + 47.60 + 47.40 + 47.20 + 47.01 = 285.01

Option D is the right answer.