Dee's credit card has an APR of 17%, calculated on the previous monthly balance, and Dee makes a payment of $50 every month. 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
Previous
balance
S0.00
$122.00
$129.73
$179 57
$369.11
$399.34
$394 00
New
charges
$122.00
$56 00
$98.00
$237 00
$75.00
$39.00
$118.00
Payment
received
$0.00
$50.00
$50.00
$50.00
$50.00
$50.00
$50.00
Finance
charges
$0.00
?
$1.84
$2.54
$5.23
$5.66
$5.58
Principal
paid
$0.00
$48. 27
$48.16
$47 46
$44.77
$44 34
$44.42
New
balance
$122.00
$129.73
$179.57
$369.11
$399.34
$394 00
$467.58
What were the finance charges in month 2?