Guadalupe's credit card has an apr of 23%, 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
month
1
previous
balance
$0.00
$900.00
$899.25
$898.50
$897.75
$897.00
$896.26
new
charges
$900.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
payment
received
$0.00
$18.00
$17.99
$17.97
$17.96
$17.94
$17.93
finance
charges
$0.00
$17.25
$17.24
$17.22
$17.21
$17.19
$17.18
principal
paid
$0.00
$0.75
$0.75
$0.75
$0.75
$0.75
$0.75
new
balance
$900.00
$899.25
5898.50
$897.75
$897.00
$896.26
$895.51
von
about what percentage of guadalupe's payments so far have gone to paying
interest?
o a. 23%
o b. 26%
o c. 11%
o
d. 96%