Francisco's credit card has an APR of 13%, 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
$0.00 $5200.00 $0.00 $0.00 $0.00 $5200.00
$5200.00 $0.00 $104.00 $56 33 $47 67 $5152 33
$5152 33 $0.00 $103.05 $55.82 $4723 $5105.10
$5105.10 $0.00 $102.10 $55 31 $46 80 $5058 31
$5058 31 $0.00 $101.17 $54.80 $46 37 $5011.94
$5011.94 $0.00 $100.24 $54.30 $45.94 $4966.00
$4966.00 $0.00 $99.32 $53.80 $45.52 $4920 47
GN
OUA
How much of the $5200 charge that Francisco made during the first month
has been paid off?