Leroy's credit card has an APR of 21%, 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
month
2
3
4
5
Previous
balance
50.00
$2600 00
$2593.50
$2587 02
52580 55
$2574 10
32567 66
New
charges
S2600 00
$0.00
$0.00
$0.00
0.00
50.00
Payment
received
50 00
$5200
$51.87
$51.74
55161
$51.48
551 35
Finance
charges
$0.00
$45 50
$45 39
$45 27
$45.16
$45.05
$44 93
Principal
paid
$0.00
$6 50
$6.48
56.47
$6.45
$6.44
$6 42
New
balance
S2600 00
$2593 50
S2587.02
S2580.55
52574 10
52567 66
S2561 24
6
7
$0.00
How much of the initial purchase has Leroy paid off over the 7 months?