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.
Principal
End of
month
paid
Previous
balance
$0.00
$2400.00
$2390.00
$2380.04
$2370.12
$2360.25
$2350.41
New
charges
$2400.00
$0.00
50.00
$0.00
$0.00
50.00
$0.00
Payment
received
50.00
$48.00
$47.80
$47.60
$47.40
$4720
$47.01
Finance
charges
$0.00
$38.00
$37.84
$37.68
$37.53
$37.37
$37 21
$0.00
$10.00
$9.96
$9.92
$9.88
59.83
$9.79
New
balance
$2400.00
$2390.00
$2380.04
$2370. 12
$2360 25
$2350.41
$2340.62
What is the total amount that Benjamin has made in payments over the 7
months?