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 Previous New Payment Finance Principal New
month
balance charges
received charges paid balance
1
$0.00 $3900 00 $0 00
$0.00 $0 00 $3900 00
2
$3900 00
$0.00 $78 00 $35 75 $42 25 $3857 75
3 $3857 75 $0.00 $77 16 $35 36
$41 79 $3815 96
4 $3815 96 $0.00 $76.32 $34 98 $41 34 $3774 62
5 $3774 62 $0.00
$75 49
$34 60 $40 89 $3733 73
6 $3733.73
$0.00 $74 67 $34 23 $40.45
$3693 28
7 $3693.28 $0.00 $73 87 $33.86
$40 01 $3653 27
How much of the $3900 charge that Patrice made during the first month has
been paid off?
877