5.0.3 Qute: Tracking Payments and Purchases Carlton's credit card has an APR of 17%, 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
Endo
Previous New Payment Finance Principal New
month
balance charges received
charges
balance
30.00 $1400.00 30.00 $0.00 30.00
2
$4400.00
$4400.00 $0.00 $88.00 $62 33 $25.67
3
$4374.33
$4374.33
$0.00
$87 49
$25.52 $4348.82
$4348 82 $0.00 586.98 $61.61 $25,37 $4323.45
5 $4323.45 $0.00 586.47 $6125 525 22 $4298 23
$4298 23 $0.00 585 96 $60.89 $2507 $4273 16
7 $4273 16 $0 00 585 46 $60.54 $2493
$4248 23
Pald
56197
How much of the $4400 charge that Carlton made during the first month has
been paid off?
A. $368.59
B. $151.77
C. $24.93
D. $520,36