Benjamin's credit card has an apr of 19%, 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 previous new payment finance principal new
month balance charges
received charges paid balance
solo $2400.00 $0.00 $0.00 50.00 $2400.00
52400
$0.00 $48.00 $38.00 $10.00 $2390.00
$2390 00 $0.00 $47.80 $37.84 $9.96 $2380 04
$2380 04 50.00 $47.60 $37.68 $9.92 $2370.12
52370.12 $0.00 $47.40 $3753 59 88 $2360 25
$2360 25
50 00
$47.20 $37 37
$2350 41
$2350.41 $0.00 $47.01 $3721 $9.79 52340.62
$9.83
what is the total amount that benjamin has made in payments over the 7
months?
a. $225.64
b. $285.02
c. $59.38
d. $47.01