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 Previous New Payment Finance Principal New
month balance charges received charges paid balance
1 $0.00 $3900.00 $0.00 $0.00 $0.00 $3900.00
2 $3900.00 $0.00
$78,00 $35.75 542 25 $3857 75
3 $3857 75 $0.00 $77.16 $35 36 $41.79 $3815.96
$3815.96 $0.00 $76.32 $34 98 $41.34 $3774.62
5 $3774.62 50.00 $75.49 $34 60 $40.89 $3733.73
6 $3733.73 $0.00 $74.67 $34 23 $40.45 $3693 28
7 $3693.28 $0.00 $73.87 $33.86 $40.01 $3653 27
4
How much of the $3900 charge that Patrice made during the first month has
been paid off?
O A. $455.51
O B. $246.73
O C. $40.01
O D. $208.77