Benjamin's credit card has an APR of 19%, 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 $2400.00 $0.00 $0.00 50.00 $2400.00
$2400,00
$38.00 $10.00 $2390.00
$2390 00
$2380 04
$2380.04
59 92 $2370. 12
$2370.12
$2360 25
$2360.25
$2350.41
$2350.41
$2340.62
NOUAWN
$9.96
$9 88
$9.83
$9.79
What is the total amount that Benjamin has made in payments over the 7
months?