Jerome's credit card has an APR of 18%, 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 Previous New Payment Finance Principal New
month balance charges received charges paid balance
1
$0.00 $2200.00
$0.00
$0.00 $0.00 $2200.00
2 $2200.00 $0.00 $44.00 $33.00 $11.00 $2189.00
3 S2189.00 $0.00 $43.78 $32.84 $10.95 $2178.06
4 S2178.06 $0.00 $43.56 $32.67 $10.89 $2167.16
5 S2167.16 $0.00
$43.34 $32.51 $10.84 $2156.33
6 $2156 33 $0.00
$43.13 $32 34 $10.78 $2145.55
7 $2145.55 $0.00 $42.91 $32.18 $10.73 $2134.82
What is the total amount that Jerome has paid in interest over the 7 months?

$195.54 - ap3x