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
1
$0.00 S2400.00
SO 00
S000 S0100 $2400.00
2. $2400.00 $0 00 $48.00 $38.00 $10.00 $2390.00
3 $2390 00 $0.00 547 80 $37 84
$2380.04
4 $2380 04 SO 00 $47.60 $37 68 59 92 $2370 12
5 $2370.12
$0.00 $47.40 $3753 $988 $2360 25
6 $2360 25 $0 00 547 20 $37137 59.83 $2350.41
7 52350.41 $0.00
547 01 537 21 59.79
$2340.62
$9.96
What is the total amount that Benjamin has made in payments over the 7
months?