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
$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
$3857.75 $0.00 $77.16 $35.36 $41.79 $3815.96
$3815.96
$0.00 $76.32 $34.98 $41.34 $3774.62
$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?
A. $208.77
B. $40.01
C. $246.73
D. $455.51