Patrice's credit card has an APR of 11%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first
purchase. Her credit card record for the last 7 months is shown in the table
below.
End of
month
1
2
3
4
5
6
7
Prevlous
balance
$0.00
$3900.00
$3857.75
$3815.96
$3774.62
$3733.73
$3693.28
New
charges
$3900.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
Payment
received
$0.00
$78.00
$77.16
$76.32
$75,49
$74.67
$73.87
Finance
charges
$0.00
$35.75
$35.36
$34.98
$34 60
$34.23
$33.86
Principal
paid
$0.00
$42.25
$41.79
$41.34
$40.89
$40.45
$40.01
New
balance
$3900.00
$3857.75
$3815.96
$3774.62
$3733.73
$3693.28
$3653.27
How much of the $3900 charge that Patrice made during the first month has
been paid off?