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Saundra's credit card has an APR of 18%, calculated on the previous monthly balance. 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]102.00 | [tex]$0.00 | $[/tex]0.00 | [tex]$0.00 | $[/tex]102.00 |
| 2 | [tex]$102.00 | $[/tex]212.00 | [tex]$76.00 | $[/tex]1.53 | [tex]$74.47 | $[/tex]239.53 |
| 3 | [tex]$239.53 | $[/tex]88.00 | [tex]$44.99 | $[/tex]3.59 | [tex]$41.40 | $[/tex]286.13 |
| 4 | [tex]$286.13 | $[/tex]26.00 | [tex]$28.57 | $[/tex]4.29 | [tex]$24.28 | $[/tex]287.85 |
| 5 | [tex]$287.85 | $[/tex]73.00 | [tex]$111.85 | $[/tex]4.32 | [tex]$107.53 | $[/tex]253.32 |
| 6 | [tex]$253.32 | $[/tex]60.00 | [tex]$49.94 | $[/tex]3.80 | [tex]$46.14 | $[/tex]267.18 |
| 7 | [tex]$267.18 | $[/tex]229.00 | [tex]$255.54 | $[/tex]4.01 | [tex]$251.53 | $[/tex]244.65 |

On what amount of money will Saundra be charged interest for month 8?

A. [tex]$229.00
B. $[/tex]255.54
C. [tex]$267.18
D. $[/tex]244.65

Sagot :

GinnyAnswer
To determine the amount on which Saundra will be charged interest for month 8, we need to look at her previous balance for month 7. The interest is calculated based on the previous month's balance.

From the given table, we can observe the following for month 7:
- The "Previous balance" for month 7 is \[tex]$267.18. Therefore, the amount on which Saundra will be charged interest for month 8 is: \[ \$[/tex]267.18
\]

Thus, the correct option is:
C. \$267.18
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