Question 13 of 25 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
Principal
paid
2
3
4
5
Previous
balance
50.00
52600 00
52593 50
52587 02
52500 55
52574 10
525676
New
charges
3200000
50 00
50 00
5000
50.00
50 00
50 00
Payment
received
3000
55200
551 67
$51 74
55161
55140
35135
Finance
charges
3000
$45 50
$4539
54527
545 16
54505
54493
5650
36.48
5647
5645
56.44
5642
New
balance
3260000
5259350
52587 02
52500 55
52574 10
5256766
52561 24
7
How much of the initial purchase has Leroy paid off over the 7 months?
O A. $271.30
B. $44.93
O c. $38.76
O D. $310.06
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