Business, 16.10.2020 03:01 googoo4

Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first
purchase. Her credit card record for the last 7 months is shown in the table
below.
End of
month
New
2
3
4
5
6
7
Previous
balance
$0.00
$3900.00
$3857.75
$3815.96
$3774 62
$3733.73
$3693.28
New
charges
$3900.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Payment
received
$0.00
$78.00
$77.16
$76.32
$75.49
$74.67
$73.87
Finance
charges
$0 00
$35.75
535 36
$34.98
534 60
$34.23
$33.86
Principal
paid
$0.00
$42.25
$41.79
$41.34
$40.89
$40 45
$40.01
balance
$3900.00
$3857.75
$3815.96
$3774.62
$3733.73
$3693.28
$3653 27
How much of the $3900 charge that Patrice made during the first month has
been paid off?
A. $246.73
B. $208.77
C. $455.51
D. $40.01

Answers: 3

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Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum...

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