Answered

At Westonci.ca, we provide reliable answers to your questions from a community of experts. Start exploring today! Ask your questions and receive precise answers from experienced professionals across different disciplines. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Norma's credit card has an APR of 16%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. Her credit card record for the last 7 months is shown in the table below.

| End of month | Previous balance | New charges | Payment received | Finance charges | Principal paid | New balance |
|--------------|------------------|-------------|------------------|----------------|----------------|-------------|
| 1 | [tex]$0.00 | $[/tex]3300.00 | [tex]$50.00 | $[/tex]0.00 | [tex]$0.00 | $[/tex]3300.00 |
| 2 | [tex]$3300.00 | $[/tex]0.00 | [tex]$66.00 | $[/tex]44.00 | [tex]$22.00 | $[/tex]3278.00 |
| 3 | [tex]$3278.00 | $[/tex]0.00 | [tex]$65.56 | $[/tex]43.71 | [tex]$21.85 | $[/tex]3256.15 |
| 4 | [tex]$3256.15 | $[/tex]0.00 | [tex]$65.12 | $[/tex]43.42 | [tex]$21.71 | $[/tex]3234.44 |
| 5 | [tex]$3234.44 | $[/tex]0.00 | [tex]$64.69 | $[/tex]43.13 | [tex]$21.56 | $[/tex]3212.88 |
| 6 | [tex]$3212.88 | $[/tex]0.00 | [tex]$64.26 | $[/tex]42.84 | [tex]$21.42 | $[/tex]3191.46 |
| 7 | [tex]$3191.46 | $[/tex]0.00 | [tex]$63.83 | $[/tex]42.55 | [tex]$21.28 | $[/tex]3170.18 |

What is the total amount that Norma has made in payments over the 7 months?

A. [tex]$389.46
B. $[/tex]259.64
C. [tex]$63.83
D. $[/tex]129.82

Sagot :

GinnyAnswer
To determine the total amount Norma has paid over the 7 months, we need to sum up all the monthly payments she made, as listed under the "Payment received" column in the table.

From the table:
- Month 1: [tex]$50.00 - Month 2: $[/tex]66.00
- Month 3: [tex]$65.56 - Month 4: $[/tex]65.12
- Month 5: [tex]$64.69 - Month 6: $[/tex]64.26
- Month 7: [tex]$63.83 Adding them all together gives us: \[ 50.00 + 66.00 + 65.56 + 65.12 + 64.69 + 64.26 + 63.83 \] The total amount of payments made by Norma over these 7 months is: \[ \$[/tex]439.46
\]

Thus, the correct answer is:

A. [tex]\(\$ 439.46\)[/tex]
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.