2points
darnell'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.
payment finance principal new
month balance charges received charges pald balance
50.00
$0.00 $0.00 $0.00 $800.00
$800.00
$12.67 $3.33
$796.67
$796 67
$12.61 53.32 $793.35
$79335
512 56 53.31 $790.04
$790.04
$12.51 $3.29 $786.75
$786.75
$12.46 $3.26 $783.47
$783,47
$12.40 $3.26 $780.21
mon
38
tai
la
about what percentage of darnell's payments so far have gone to paying
interest?