2 Points
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
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
S5152.33 $0.00 $103.05 $55.82 $47 23 $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
paid
von AWN-
How much of the $5200 charge that Francisco made during the first month
has been paid off?