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
1
$0.00 $2400.00 $0.00 $0.00 $0.00 $2400.00
2 $2400.00 $0.00 $48.00 $38.00 $10.00 $2390.00
3 $2390 00 $0.00 $47.80 $37 84 $9.96 $2380 04
4
$2380.04 $0.00
$47.60
$37.68 $9.92 $2370. 12
5 $2370.12 $0.00
$47.40 $37.53 $9.88 $2360 25
6 $2360.25 $0.00
$47.20 $37.37 $9.83 $2350.41
7 $2350.41 $0.00 $47.01 $37.21 59.79 $2340.62
O WN
What is the total amount that Benjamin has made in payments over the 7
months?
A. $59.38
B. $285.02
C. $225.64
D. $47.01